Back in April 2018 Square announced that its Cash App supported bitcoin (BTC) trading in all 50 states.
In its latest financial report the company reported that it generated $166 million in revenue from bitcoin sales during 2018.
That’s about 5% over revenue. And overall Square generated $1.69 million in profits from those bitcoin sales.
Bitcoin sales were strong throughout the year. And accelerated by 34% in the second half of year.
What’s also interesting is that Square’s cash app is banking the unbanked in the U.S. It’s especially popular in southern states, where being unbanked is an issue.
Per Ark Invest: When comparing the FDIC’s unbanked rates and Google Search Trends for Square’s Cash App, the geographic overlap is striking, as shown below. The Cash App dominates in the southern states where the rates of the unbanked are highest.
The CEO of Square is Jack Dorsey. He’s also the CEO of Twitter.
And a big bitcoin proponent.
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