Square Customers Buy $ 2.72 Billion Worth Of Bitcoins In Q2

Payments giant Square reported that its customers bought $ 2.72 billion worth of bitcoin in the second quarter of 2021.
In a new shareholder letter published on Sunday, payments giant Square said customers will be able to pay more than $ 2 billion this year. they reported buying bitcoin worth $ 2.72 billion in the quarter.
Square’s total net sales in Q2 were $ 4.68 billion, up 143% from the same period a year earlier, while gross margin was $ 1.14 billion, up 91% from 2020.
“As we offer individuals the ability to send bitcoins directly for free, unlock unique bonuses, contribute directly to their salary, and more, customers continue to benefit more on the platform,” the letter said.
But while Bitcoin will be influential in the company’s sales in 2021, Square has sought to offer its support for the bitcoin network as necessary to promote a more useful financial ecosystem around the cryptocurrency.
The company made a gross profit of $ 55 million in the second quarter through cash application spending related to bitcoin trading, which accounted for just 2% of bitcoin revenue. Excluding Bitcoin, sales of cash apps during the same period were $ 606 million.

The shareholder’s letter explained not only the success of the company, but also the success of a client investing in the platform, growing demand and easy access and access to bitcoin:

“Our ecosystem, engaged in trading portfolios, or customers who hid in stock, cash cards or bitcoins, they started to use more and more of other products such as gross profit per customer, for we discovered that continues to be a differentiating factor.”
Square continues to implement bitcoin buying functions, such as custom orders, which allow users to set specific prices for buying or selling bitcoins. Other recent developments include the ability to choose one of three fees for each byte on the bitcoins output. 

Join the Discussion

  • BrokerEUR/USD
    City Index 0.5pips (fixed) margin: 3.33%
    LCG 0.3pips (variable) margin: 3.33%
  • Back to top