The number of first-time Bitcoin buyers on Square is doubled in the third quarter of this year.
The payment processing company, Square issued a letter to shareholders on 6th Nov 2019. This letter displayed the financial figures for the third quarter of 2019. According to this shareholder letter, the bitcoin buyers who have bought bitcoins first time on Square using its Cash app approximately doubled in the Q3.
The letter stated that the growth ratio of first-time Bitcoin buyers increased to 245% since the last year 2018. And the Bitcoin sales also reached $148 million through the Cash app of Company.
According to the released financial figures of Q3 2019, the gross profit of bitcoin is $2 million while it created $148 million in revenue.
The company says in the letter that we redesigned the Cash app’s customer interface in September. As the letter stated:
In September, we redesigned Cash App’s customer interface to make the broad portfolio of products more discoverable. This improved layout has driven increased product adoption of Bitcoin and Cash Card: First-time bitcoin buyers have approximately doubled and Cash Card orders have seen a meaningful uplift.
According to the letter, the total revenue of its Cash app now stands at $307 million while its gross profit is $123 million in the third quarter of 2019.
Square CEO expressed his Support for Bitcoin
The founder and CEO of Square payments processing company, Jack Dorsey has expressed his support for bitcoin. He seems to be interested in Bitcoin’s future.
In an interview, Jack Dorsey was asked about what he thinks of the world’s leading crypto asset and he said in his reply that bitcoin will be a native currency of the internet.
BTC and transaction costs may range from $575 to $585M in Q4
The payments processing firm Square has also predicted that the company may see bitcoin and transaction costs increasing from $575 million to $585 million in the last quarter of this year.
In the shareholder letter, the company further stated:
We are increasing the upper end of our full-year 2019 total net revenue guidance by $110 million due to underlying trends in our Seller and Cash App businesses as well as bitcoin outperformance in the third quarter.