Cash App, the crypto-friendly mobile payment application owned by Square Inc., generated $3.51 billion USD in Bitcoin revenue within the first quarter of the year.
Cash App Bitcoin Revenue Soared 11x
The peer-to-peer payment platform had a stellar record in Q1 of this year. Its Bitcoin revenue soared to about $3.51 billion USD and gross profit of $75 million USD from Bitcoin, according to the “Shareholder Letter” published by the parent company. The Bitcoin revenue and gross profit each represent about 11x increase from the previous record in Q1 last year.
In total, Square generated net revenue of $5.06 billion USD in Q1 – about 266 percent increase year over year. This means that its Bitcoin revenue from Cash App made up about 70 percent of the entire Q1 revenue.
Bitcoin Boosted Square’s Revenue in Q1
The Bitcoin revenue is the total sale amount of Bitcoin to customers. The 11x increase indicates that Cash App saw significant growth in the number of crypto transactions and customers. Unarguably, there has been an increase in demand for Bitcoin since the beginning of the year, following the massive increase in the value of the coin.
Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of bitcoin, bitcoin activities, and growth in customer demand.the letter reads.
Bitcoin reached a record high of $64,863 USD last month. At the time of writing, however, the largest cryptocurrency was trading at $58,253 USD on Coinmarketcap. This price places BTC at over 100 percent increase on a year to date (YTD).
This news also follows MicroStrategy is HODLing 91,579 BTC Announcing 10% Revenue Growth for 2021.
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