Earlier this year, it was reported that the American payment company Square works to enable faster bitcoin payments.
Allows users to trade with bitcoin
Square operates the Cash App, one of several apps competing on the US peer-to-peer payments market.
In addition to money transferring service, Cash App allows its users to trade with bitcoin. This has now proven to be a lucrative feature for Square, Coindesk reports.
Bitcoin trading generated $178 million in revenue
Squares quarterly report for the period of October to December 2019 reveals that $178 million of Cash App’s revenue during the period came from bitcoin transactions.
This is almost half of the total revenue, which amounted to $361 million.
The profit for the bitcoin operation was $3 million. This represents an increase of 50 percent compared to the previous two quarters.
CEO: Works as a gateway
Jack Dorsey, CEO of Square, highlights how the app’s money transferring features work as a gateway to bitcoin trading.
“The peer-to-peer transfers network continues to be our best acquisition channel. Those new to the app then go on to discover bitcoin and other in-app products”, he said in a conversation with investors on Wednesday, according to Coindesk.
