As reported in the company’s recent investor report, Square Crypto sold as much as $125 million worth of bitcoin in the last quarter through Cash App, doubling the net profit from the sale of cryptocurrencies. Not only that, the company’s shares have grown by 56% since the beginning of the year, rising from $57 in January 2019 to the current $81.
Square customers bought $125 million of Bitcoin last quarter on Cash App!
That’s 5 straight quarters of *accelerating* revenue growth for Square's Bitcoin business, and 237% growth YoY.
TO THE MOON 🚀 pic.twitter.com/6A3bNtaMTF
— Kevin Rooke (@kerooke) August 1, 2019
Square Crypto is a division of the mobile payments company of the same name co-founded in 2009 by Jack Dorsey, the founder of Twitter. In recent months, Square Crypto and Jack Dorsey were at the centre of attention due to the fact that the co-founder of the company has decided to actively contribute to bitcoin and other open-source projects in the cryptocurrency world announcing that he wants to hire four engineers and a designer.
The first engineer, Steve Lee, former Google project manager and active bitcoin contributor, was hired last June. Whereas recently, the employment offer of a designer has been renewed, in order to improve and make it even easier to use bitcoin and cryptocurrencies via simple and clear graphical interfaces.
Square Crypto, $125 million worth of bitcoin sold with Cash App
The surge in bitcoin purchases by users of the mobile application – Cash App – developed by Square Crypto has probably been strongly influenced by the growth in the value of BTC recorded between May and June 2019.
However, as reported in the company’s investor letter, it’s not just a fluke, but a real constant growth in sales, since it’s the fifth consecutive quarter characterised by a new record for bitcoin sales.
Further analysis of the sales data from the introduction of bitcoin on the Cash App application shows that Square Crypto has contributed to the purchase by mainstream users of as many as 60,000 bitcoins from January 2018 to the present day.
A little over 60k bitcoins sold for a total or 365M dollars since early 2018.
Just in the US! pic.twitter.com/TThNXSqtsJ
— Pedro 🔑⚡️ (@pedromvpg) August 2, 2019
These figures are remarkable and could increase further over the next few months. Jack Dorsey has announced that he is working on a new project that will be integrated into the Square Crypto portfolio. This project, according to Dorsey, will not only make the mass adoption of bitcoin possible but simply inevitable.
The novelties behind the project are still unknown for now, and it may be announced during next autumn. The company has confirmed that Cash App will integrate Lightning Network shortly, but there are also those who believe that LN might be implemented within Twitter.