Payment platform exchange Square reached new revenue heights thanks to bitcoin (BTC) sales via its Cash app, but Bitcoin sales profits remain surprisingly low. The numbers were included in a letter Share sent to its shareholders. The letter outlined the company’s Q1 2019 financial statistics.
According to the letter, the earnings (which have not been audited) showed that Square’s net revenue increased by 43 percent year over year in the first quarter of 2019. It amounted to $959 million wherein bitcoin profit was at $65.5 million. Meanwhile, Bitcoin costs during that time allegedly reached $64.7 million. This pegged the company’s overall bitcoin profits to around $830,000.
In the last quarter of 2018, Square registered a total net profit of $933 million. $52 million of that was said to be revenue from bitcoin. Conversely, bitcoin costs amounted to $51.9 million.
The payment exchange platform opened up bitcoin trading to its users in February. Since the company runs on a Point of Sale system, the inclusion of BTC to its mobile service app meant that merchants that use Square’s payment system would be able to accept bitcoin as a mode of payment in the future.
Jack Dorsey, the CEO of Square and Twitter, announced in March that Square was securing the services of crypto engineers and offered to pay them using bitcoins. Dorsey expounded on his comment and said that his decision to use digital currency to pay for the employees’ services was intended to improve the wider crypto ecosystem and supposedly help the bitcoin community.