Bitcoin Purchases On Cash App Almost Doubled In A Year

BTC purchases on the Cash App have more than doubled over the past year which shows just how fast the interest for the cryptocurrency is growing so let’s see more in the following Bitcoin news.

Square explained that the second most-used finance app on Google Play Cash app, has just recorded $178 million in revenues from BTC purchases in the fourth quarter of 2019 and the company explained in a letter to its shareholders. The company posted the gross profits of more than $3 million representing a 50 percent increase in the last two quarters.

BTC purchases on the Cash app increased by 240 percent since Q4 back in 2018 according to the latest data from Messari. During that time, about $52 million in revenue were gathered in the Bitcoin services. Jack Dorsey, the CEO of Twitter and Square, explained that Cash App redesigned and later made it ideal for the new users to discover Bitcoin:

 “The peer-to-peer transfers network continues to be our best acquisition channel. Those new to the app then go on to discover Bitcoin and other in-app products.’’

Thanks to the massive user experience improvements, Bitcoin purchases reached up to 47 percent on the Cash App total revenue. However, it only represents 2 percent of its gross profits because of the low margins and competitive exchange rates. The company projects another increase from $705 and $715 million in transaction-based costs and Bitcoin costs for 2020 in the first quarter.

The involvement of Square in the crypto industry has been growing rapidly and the company announced that it is building a new development kit that will make it much easier for developers to deploy their applications on the Bitcoin Lightning Network. The Analyst Avivah Litan believes that Square could even become the leading global bitcoin payment processing companies that are entering the fastest-growing economies in Africa.

The mobile payment and financial services company and app Square gets patent for crypto in real-time point-of-sale transactions. The company, owned by the Twitter CEO Jack Dorsey, was awarded the patent from the United States Patent Office (USPTO) because of the revolutionary technology that the team thinks will crack a present barrier in merchant transactions.