Square’s mobile payments application, Cash App, posts impressive growth for Bitcoin transactions despite the bearish cryptocurrency market. In Square’s Q3 shareholder letter the company reports $43 million in Bitcoin revenues, contributing $560 thousand to quarterly net profit.
Square is a merchant services and mobile payments company based out of San Francisco. Founded in 2009, the company is known for its portable point of sale systems such as Square Reader and Square Register. Since inception, Square has become one of the most popular payment services for small and medium-sized businesses in the United States.
In a series of progressive moves, Square was one of the first major payment processors to support Bitcoin transactions.
The company continued to push for Bitcoin support in its more widely used Cash App (formerly Square Cash). Cash App is a mobile application that allows individuals and businesses to send and receive money through an online alias.
Another competitor, PayPal’s Venmo is yet to offer any cryptocurrency support. Square’s push into the cryptocurrency market led to a surge in downloads for Cash App,