Twitter Co-founder’s Square App Fixes Bitcoin Sales Record
In the 3Q 2019, the volume of BTC bought through the Square Cash App, the founder of which is the co-founder of Twitter Jack Dorsey, reached $ 148 million. Information about this was presented in the company's report.
Square’s total profit from July 1 to September 30 2019, amounted to $ 1.27 billion. Representatives of the company noted that users often use the Cash App mobile app as a gateway for investing in bitcoin. During the year, the volume bought through Square BTC increased by 240%.
— Square IR (@SquareIR) November 6, 2019
The total sales of BTC through the Cash App in the 3Q 2019, when using the average cryptocurrency price of $ 10,300 in the calculations, amounted to about 14,300 BTC. Against the backdrop of a positive trend, company representatives increased their forecast for net profit in 2019 by $ 110 million.
It is noteworthy that the release of the report was accompanied by the appearance on the network of information about changes in the rules for charging a commission for the purchase of BTC in the Cash App. Earlier fees were included in the spread. According to CoinDesk, at the moment, the tariff for the purchase of bitcoin can reach 1.76%. Note, that the final level of fees will depend on market volatility. The following information appeared on the application website.
Recall, Square has been selling BTC since November 2017. In early August of this year, representatives of the application announced that they were able to double the revenue for the implementation of BTC.