In January of this year, Square Inc. launched cryptocurrency trading through its popular money transferring cash app.
Square, which is a mobile payment processing company, said that it sold a total of $34.1 million in Bitcoin in the first quarter, however, the company had to first spend nearly $33.9 billion to buy Bitcoin that would be readily available through the app. The adjusted revenue from Bitcoin sales has been roughly $200 thousand (USD).
Jack Dorsey, who serves as CEO and is a co-founder of Square, has been a longtime proponent of Bitcoin and believes cryptocurrency is the future of money. In regards to Bitcoin in general, Dorsey is the only one of the bigger names in tech who feels that Bitcoin will become the defacto currency of the Internet.
In March of this year Dorsey told the UK newspaper, The Times, that the world would ultimately have a single digital currency. “The internet will have a single currency. I personally believe that it will be bitcoin,” Dorsey said. "This would happen over the next decade, but it could go faster.”
On Wednesday May 2, 2018, Square reported a total net revenue of $669 million (US) for the first quarter, a 45% increase from last year.
According to Coinmarketcap.com, at the time of this entry Bitcoin is up nearly 6% in the past 24 hours and valued at $9,736.37 (US).
Square, Inc. is a financial services and mobile payment company based out San Francisco, California. It was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first app and service in 2010. Square markets many hardware payments products, which includes Square Contactless and Chip Reader, Square Stand, Square Register and Square Magstripe Reader, and has expanded with numerous small business services. It is traded as a public company on the New York Stock Exchange since November 2015 with the ticker symbol SQ.