Square app’s Bitcoin buyers doubled in Q3
Square sold $ 148 million worth of bitcoins in Q3 Of 2019, according to the report published on Wednesday.
Square’s total revenue for the period from July 1 to September 30 was $ 1.27 billion.Thus, the sale of bitcoin still remains a minor item of income in the overall business of the payment company, but its role is steadily growing.
“For the first time, the number of bitcoin buyers has almost doubled,” the document says.
Bitcoin revenue grew 244% year over year and 20% year over year. At the same time, Square’s expenses for the acquisition of cryptocurrency amounted to $ 146 million, which in the remainder gives $ 2 million in profit..
Square began selling bitcoins to its customers via Cash App in November 2017 year. The company connects the success of the last quarter, among other things, with the redesign of the user interface in the application.
Also on Wednesday, CoinDesk reported that Square began charging fees of up to 1.76% per transaction for its former free Bitcoin service..
Earlier, the Cash App website stated: “You are not charged conversion fees or any other commission when you buy or sell bitcoin through the Cash App.” At some point, these words were replaced with the following phrase: “The Cash App may charge a commission when you buy or sell bitcoin. If a commission is applied, it will be displayed in the transaction confirmation window before you complete the transaction “.
One of the users shared a screenshot according to which the commission for buying $ 10 bitcoins was $ 0.10 (1%). Another paid $ 0.88 from a $ 50 purchase (1.76%), and a third paid $ 1.75 from $ 100 (1.75%).
UPD: As Square reported, the Cash App has moved to a new fee collection model. Earlier commissions were included in the spread between the price buying and selling.
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