Square customers acquired over $178 million worth of bitcoins in the fourth quarter, and $516 million for the entire 2019. Revenue from the rest of the company's services in the Cash App in the fourth quarter was $183 million. Gross profit from bitcoin sales in 2019 increased up to $8 million, compared to $1,7 a year earlier.
However, $8 million is only 2% of the company's profit for 2019, while 98% came from subscriptions and transactions. On average, one user of Square's Cash App makes deals with $7,42 in bitcoin per month.
In December 2018, this value was $3,5 million.
Earlier, the head of Square and Twitter, Jack Dorsey, said that bitcoin is not just for the company to buy and sell.
"We truly believe that this is a revolutionary technology for our industry, providing people with easier access to the financial system, so we will mobilize our learning abilities and from this point on we will train and lead the industry," Dorsey said.
Earlier iHodl reported that a cryptocurrency-focused department of financial services & merchant services aggregator Square Inc., Square Crypto, announced its building from scratch a new crypto-focused Lightning Development Kit (LDK).