Square Cash App Bitcoin revenue hits record high in the first quarter of this year

U.S. mobile payment company Square has revealed that its Cash APP’s bitcoin revenue hit an all-time high in the first quarter of this year.

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Square’s unaudited quarterly results show that in the first quarter of this year, the company’s bitcoin revenue was $65.5 million, compared with the $64.7 million it cost to buy bitcoin, resulting in a profit of about $832,000.

Bitcoin sales represent a small fraction of Square’s total net income. Net income in the first quarter was $959 million, up 43% from a year earlier.

Square said: “Cash App transactions increased nearly two-and-a-half times year-on-year, reflecting the ecosystem’s growing network effects, reach and engagement.”

In the fourth quarter of 2018, Square reported net income of $933 million. Of that, bitcoin generated $52 million in revenue, $51.9 million in costs and $490,000 in profits.

A financial report released earlier this year showed that Square received 116 million of dollars in revenue from the sale of Bitcoin at the Cash App in 2018, accounting for only 5% of the company’s total revenue (3.3 billion of dollars).

As a mobile payment platform, Square launched the Cash App in November 2017, expanding its support for cryptographic currency trading. In December 2018, the platform had more than 15 million active customers, doubling from a year earlier. Square generated $116 million in revenue from bitcoin sales in 2018.

Square is one of the few cryptographic money companies in the United States to get BitLicence from New York State regulators. The company has now provided Bitcoin trading services in U.S. states.