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

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Jack Dorsey’s Square in its recent quar­ter­ly earn­ings report has revealed that the firm made $1.8 bil­lion in Bit­coin rev­enue and $42 mil­lion in profits. 

Square’s Bitcoin quarterly revenue dips for the second time this year 

Accord­ing to the report, the $1.8 bil­lion Bit­coin rev­enue the com­pa­ny made with­in the last quar­ter is an 11% increase to what it made with­in the same peri­od last year, how­ev­er, if the recent quar­ter­ly earn­ings is com­pared to those made ear­li­er this year, it pales significantly.

Square, in the first quar­ter of 2021, had revealed that it made $3.5 bil­lion in Bit­coin rev­enue. For the sec­ond quar­ter, the pay­ment trans­ac­tion provider stat­ed that it made $2.7 bil­lion in Bit­coin revenue.

Speak­ing on the decline in its Bit­coin rev­enue, the com­pa­ny not­ed that the drop was caused by the cur­rent mar­ket con­di­tions. Per Square, the decline was caused “pri­mar­i­ly by rel­a­tive sta­bil­i­ty in the price of bit­coin which affect­ed, trad­ing activ­i­ty com­pared to pri­or quarters.”

What this implies is that investors usu­al­ly tend to trade when the price of the lead­ing dig­i­tal asset has fall­en, and they have been unable to do so due to the rel­a­tive price sta­bil­i­ty the asset saw with­in that quar­ter. Though it not­ed that demand for its Bit­coin ser­vices began to pick up in Octo­ber when the price of the asset surged to a new ATH.

How­ev­er, despite the fall in its Bit­coin rev­enue, the dig­i­tal gold made up almost half of all of the company’s rev­enue with­in the quar­ter, $3.84 billion.

Square’s other Bitcoin adventure

In the recent­ly released report, the com­pa­ny stat­ed that it would be releas­ing a white paper on TBD, a new divi­sion of the com­pa­ny that would be ded­i­cat­ed to build­ing a decen­tral­ized BTC exchange, by Novem­ber 19.

It was also revealed that the com­pa­ny would not be adding any oth­er cryp­to asset to its plat­form and that its focus is on how to build a hard­ware wal­let along­side how it would democ­ra­tize Bit­coin min­ing for indi­vid­u­als and institutions.

Inter­est­ing­ly, all of this cor­rob­o­rates the stand of the company’s CEO, Jack Dorsey, who has been a vocal sup­port­er of Bitcoin.

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