#CryptoCurrency / Square Reports Over $1B in Quarterly Bitcoin Revenue for First Time: Q3 Earnings

It was a monster quarter for Square’s bitcoin business… “Cash App generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profit during the third quarter of 2020, up approximately 11x and 15x year over year, respectively,” the publicly traded payments firm wrote in its Q3 investor letter published Thursday at the market close.

Among publicly traded companies, it could be said that Jack Dorsey’s Square has led the way in building bitcoin services, first piloting bitcoin purchases in its Cash App in late 2017. PayPal confirmed its rumored support for bitcoin, bitcoin cash, ether and litecoin… Square went one step further in Q3, however, officially adding bitcoin to its balance sheet rather than simply making it available to customers.

Square’s bitcoin research arm, Square Crypto, recently announced a design grant meant to help make crypto wallets more user-friendly.