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Payments network Square has revealed its customers bought over $34 million of bitcoin in the first 4 months of being available.

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Square Balances Books On bitcoin

Data from the company, which it published this week, shows its Cash app shifting $34.1 million in BTC, having spent $33.9 million purchasing the cryptocurrency to begin its offering.

The figures make interesting reading in the year when the cryptocurrency exchange sector has become renowned for its ability to generate huge profits from trading fees.

From South Korea, where regulators have demanded backdated tax payments from exchanges that raked in hundreds of millions of dollars since 2017, to Binance’s $200 million gains in Q1 this year, businesses are capitalizing on user thirst for crypto.

Square’s setup remains relatively small-scale, the Cash app holding client funds on their behalf and only permitting $10,000 of purchases per user per week.

Wall Street Prepares For bitcoin Trading

Nonetheless, the $200,000 first-quarter profit margin suggests that both appetite and stability are there, despite coming amid overall lackluster performance targets which saw Square shares dip 6% May 2.

The company’s trading operation looks likely to stay to tap that growth potential, as CEO Jack Dorsey remains famously bullish on bitcoin this year.

In March, Bitcoinist reported on how Dorsey, who is also CEO of Twitter, said he envisaged a “single currency” for both the internet and the world coming by 2028 – and that bitcoin was the main candidate.

“The world ultimately will have a single currency, the internet will have a single currency,” he said while promoting Square in London. “I personally believe that it will be bitcoin.”

May 2 meanwhile also saw the unveiling of plans for Wall Street banking’s first direct bitcoin trading operation from Goldman Sachs. The surprise announcement, executives said, came about as a result of increasing client pressure.

What do you think about Square’s first quarter bitcoin performance? Let us know in the comments section below!

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Images courtesy of Shutterstock

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Published at Thu, 03 May 2018 13:00:28 +0000

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