Square, the payments company owned by Twitter founder and CEO Jack Dorsey, has made some nice profits thanks to Bitcoin during the second quarter.
In particular, the company has reported through the letter sent to its shareholders yesterday that its Cash App generated "$2.72 billion of Bitcoin revenue and $55 million of Bitcoin gross profit during Q2."
In particular, both figures are 3 times higher than those recorded last year, however, quarterly Bitcoin revenue did decline due "primarily to relative stability in the price of bitcoin, which affected trading activity compared to prior quarters."
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By way of comparison, during the first quarter of this year, Cash App earned $75 million in Bitcoin gross profit on $3.51 billion Bitcoin revenues.
The company plans to expand its user base after announcing it intends to acquire Australian payments company Afterpay for $29 billion.
According to Square, the acquisition will enable both companies to offer their financial products to more customers.