Cash App, Square's payments app, has reported Bitcoin-related revenue for the second quarter of the year has grown to $875M.
According to the Q2 earnings report, gross profit from Bitcoin for the same period was $17M. Per the report:
"Cash App generated $875 million of Bitcoin revenue and $17 million of Bitcoin gross profit during the second quarter of 2020, up 600% and 711% year over year, respectively. Bitcoin revenue and gross profit benefited from an increase in Bitcoin actives and growth in customer demand."
As a comparison, the company's revenue from Bitcoin in the first quarter amounted to $306M, while gross profit was $7M, significantly lower than the current figure.
The report continues:
"Compared to June, we saw month-over-month increases in volume per transacting active Cash App customer across peer-to-peer payments, Cash Card and Bitcoin investing. We recognize this increase may be partially driven by government stimulus and unemployment benefits, which may not sustain at the same levels during the remainder of the third quarter."
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