Mobile payments firm Square has recently revealed through its annual earnings report that it sold a total of $166 million worth of Bitcoin last year, $52 million of which were sold in the fourth quarter.
The company’s earnings for the fourth quarter of the year beat analyst estimates, but fell short on guidance. The company’s Cash app, a rival to PayPal’s Venmo, has enabled BTC purchases last year, and since then started making money off of it, with $200,000 in profit thanks to bitcoin reported for Q1.
Squares’ report reveals the company made roughly $1.7 million in profit trading the flagship cryptocurrency throughout the year, as it kept increasing each quarter. In December of 2018, its Cash App had over 15 million monthly active users, meaning these more than doubled year-over-year.
🚨 BREAKING NEWS 🚨
Square customers bought $52 million of Bitcoin on the Cash App in Q4 2018.
Bitcoin sales were over $166 million on the Cash App in 2018, growing every single quarter!
— Kevin Rooke (@kerooke) February 27, 2019
The company noted that the dollar value of quarterly BTC purchases grew 22% form Q3. Its CEO Jack Dorsey, who’s also the CEO of Twitter, has noted the company looks to move quickly to ensure it gives its users quality services.
Last year, the firm quietly moved to over-the-counter (OTC) trading desks for its BTC trading service, in a move that helped it become a more sophisticated trading platform. Dorsey was in recent earnings calls quoted as saying:
Bitcoin for us is not stopping at buying and selling, we do believe this is a transformation technology for our industry and gives people more access to the financial system, so we are going to have a learning mindset and ensure we are learning and leading the industry from here.
Looking forward, Square is reportedly looking to focus on adding “strength to in-person payments, to mobile payments, and also to online.” Dorsey himself has been a vocal BTC supporter, as last year he revealed he hopes the cryptocurrency will become the internet’s “native currency.”
Earlier this month, he backed a Lightning Network-based trust game by participating in it. In the game, users passed each other an increasingly larger amount of satoshis through the layer-two scaling solution.