During the second quarter of 2019, popular online payment company Square has generated $125M in revenues thanks to bitcoin through its Cash App application.
According to the letter that the company has sent to its shareholders to inform them about the results of the second quarter, part of these profits - about $2M - have been generated thanks to bitcoin's recent rally.
The company's Cash App has obtained $135M in subscriptions, services and transactions. If we consider that bitcoin-related revenues amount to $125M, the revenues directly linked to bitcoin account for 92% of Cash App's total revenue.
Just as a comparison, bitcoin-related revenues during the first quarter of the year amounted to $65.5M, which means that the company has seen how it revenue doubles during the second quarter of the year.
In June, Ihodl reported that Square had started accepting bitcoin deposits, while the service began to allow its users to buy and sell the cryptocurrency in November 2017.
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