The mobile payments provider Square announced that the sale of bitcoins brought last year to $166 million in revenue. Net income from cryptocurrency transactions was $1.69 million, said the company in the report on financial results for the fourth quarter and the year for the SEC.
Operations with cryptocurrency using the Cash app App was about 5% in the revenue Square, which for the year reached $3.3 billion.
For the first half of last year, the company received $71 million in revenue by selling bitcoins, in the second this figure rose to $95 million At year-end the carrying amount of bitcoins in possession Square was $0.2 million.
The function of bitcoin trading app Cash App has been launched by the company in January 2018. Since August, the service became available in all 50 States of the USA. For the first quarter Square earned its new service of $200 thousand and the second to $420 thousand. For the second half of the company’s net profit from bitcoin trading exceeded $1 million.
Founder and CEO of Square Jack Dorsey (Jack Dorsey) is a bitcoin enthusiast and has repeatedly expressed confidence that the BTC will become the single currency of the Internet.