Sales of Bitcoin on Square’s Cash App are surging.
New numbers from payments unicorn show Square sold $125 million in Bitcoin in the second quarter of this year. That’s a 237% increase from the second quarter of 2018.
Square released the numbers in a new letter to shareholders.
The company says its rising Bitcoin sales benefitted from the steadily rising price of BTC throughout the quarter. The sales earned Square a $2 million gross profit.
Square and Twitter CEO Jack Dorsey is a big proponent of Bitcoin and is currently working to help build out the ecosystem through a new initiative: Square Crypto. This week, in an ask-me-anything on Twitter, Steve Lee, who heads the new project, pinpointed the organization’s focus on BTC.
“Square Crypto is a separate organization from Cash App and the rest of Square. This is an open-source initiative designed to strengthen the bitcoin ecosystem.”
“We are very, very pro-Bitcoin. There is more than enough work for us to do there. That said, we are open to emerging use cases and technologies that complement Bitcoin.
Our goal is Bitcoin for all. We are focusing on improving the Bitcoin experience for mainstream users. The user journey will always be central to our thinking.”
Last week, Cash App announced a surprise giveaway, handing out $50,000 in cash and BTC.
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It’s #SuperCashAppFriday. We’re giving away $50K in cash and BTC. RT with your $Cashtag to enter. You could win $100, $500, or even 1 whole bitcoin.
For luck, tag a bitcoin believer.
Follow @CashApp to qualify. No purc nec. Void where proh. Rules: https://t.co/P3knshma0s pic.twitter.com/5TEB5kmuk1
— Cash App (@CashApp) July 26, 2019