In 2019, bitcoin sales on Square increased by 240% compared to the previous year.
This is revealed by recent research on the trading volumes of the platform of the US financial company of Jack Dorsey, the co-founder of Twitter.
A few weeks ago it was already revealed that Square itself is producing more profits than Twitter and it is quite likely that the sale of bitcoins has played a role in this growth.
Moreover, 2019 was precisely the year in which the company entered the crypto world unhesitatingly and this may have helped it enhance its attractiveness, especially to those population groups fascinated by these new financial technologies.
The research reveals that in the last quarter of 2019 Square sold BTC for a total volume of $178 million, an increase of about 20% compared to the previous quarter.
But the most striking figure is the comparison between the total volume of 2019 and 2018, which shows an increase of 240%. In the past year, the company sold bitcoins worth over $516 million, with 8 million in gross profits.
Furthermore, although volumes are much lower than those of the main crypto exchanges, the fact that they are growing is very remarkable, considering that in the fourth quarter of 2019, the main US cryptocurrency exchanges did not perform as well in this respect.
On the contrary, BTC’s sales on Coinbase were 40% lower than the previous quarter, Gemini’s sales were down 60%, while Kraken’s sales increased, but only by 10%.
Square also offers several other financial services through its Square Cash app and it is this wide selection of financial services that are driving its growth.
What’s more, it manages to generate more average revenue per user than other similar apps, so much so that Jack Dorsey himself stated that by December 2019 each user had generated on average over $30 of annual revenue for the company, with users active in buying and selling bitcoins generating 2 or 3 times more annual revenue than others.
The integration of stock trading related features into the app has also helped to increase the number of bitcoin buyers, hence it is this new feature-rich ecosystem that is driving the adoption of Square Cash.