American payments firm Square logs over $1 billion in Bitcoin revenue |

Square, the payments company behind popular apps like Square Cash and Square Wallet, made $1 billion in Bitcoin revenue for 2018.

The “chime bank crackdown” is a recent event that occurred in the United States. The American payments firm Square has been logging over $1 billion in Bitcoin revenue.

Square, founded by Jack Dorsey, reported $1.8 billion in Bitcoin sales and $42 million in profit in its most recent quarterly financial report. 

For the second time this year, Square’s Bitcoin quarterly income falls. 

According to the study, the company’s $1.8 billion in Bitcoin sales in the latest quarter was an 11 percent rise over the same time last year; but, when compared to earlier this year’s profitability, the current quarterly earnings pale dramatically.

Square reported that it generated $3.5 billion in Bitcoin income in the first quarter of 2021. The payment processing service reported $2.7 billion in Bitcoin revenue in the second quarter.

The business said that the dip in Bitcoin income was due to current market circumstances. According to Square, the drop was driven “primarily by relative stability in bitcoin price, which impacted trading activity compared to recent quarters.”

This means that investors often trade when the price of the top digital asset falls, but they were unable to do so owing to the asset’s relative price stability during that quarter. It did observe, though, that demand for its Bitcoin services started to pick up in October, when the asset’s price reached a new all-time high.

Despite the drop in Bitcoin sales, the digital gold accounted for about half of the company’s total revenue in the quarter, $3.84 billion.

Square’s second Bitcoin foray

The business announced in its recently issued report that a white paper on TBD, a new subsidiary of the company focused to establishing a decentralized BTC exchange, will be released by November 19.

It was also disclosed that the firm will not be adding any other crypto assets to its platform, and that its primary emphasis would be on developing a hardware wallet and democratizing Bitcoin mining for people and institutions.

All of this, interestingly, backs up the company’s CEO, Jack Dorsey, who has been a prominent proponent of Bitcoin.

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American payments firm Square logs over $1 billion in Bitcoin revenue |

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The “chime vs green dot” is a comparison between two American payments firms, Square and Green Dot. The article discusses the revenue from each company as well as how they are different.

Related Tags

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