Advertising revenue keep this site going. We do not actively endorse ads served to us.
DYOR. Please use your due diligence while on this site.
We also do not get information from our visitors.
cryptocurrency May 3, 2018

Bitcoin trading is supposed to be big business. That isn’t the case for Square.

Advertisements

According to its 10-Q quarterly report filed with the US Securities and Exchange Commission, Square brought in approximately $34.1 million in revenue from its bitcoin transactions during the first quarter of the year. That sounds terrific at first glance but, unfortunately, that was offset by bitcoin costs of $33.87 million. That means Jack Dorsey’s payments processing company took home just about $223,000. Though not a great look, bitcoin-related profits may be beside the point for the company.

It appears that profits were simply the difference between the price at which consumers purchased the cryptocurrency and the price at which Square initially acquired the bitcoin. Most major cryptocurrency exchanges charge small transaction fees for the purchase or sale of bitcoin and other cryptocurrencies, but Square’s Cash App does not. Some analysts have speculated that Square integrated bitcoin trading to encourage customers to download the Cash App.

ETHNews reported on Square’s integration in February 2018.

Matthew is a full-time staff writer for ETHNews with a passion for law and technology. In 2016, he graduated from Georgetown University where he studied international economics and music. Matthew enjoys biking and listening to podcasts. He lives in Los Angeles and holds no value in any cryptocurrencies.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Square, bitcoin or other Ethereum business and finance news.

Advertisements

Source: ETHNews

English简体中文日本語한국어DeutschEspañolPortuguêsFrançaisРусскийไทยNederlands