Payment Firm Square’s Silver Increases 60% In Total Profits From Bitcoin Transactions

Square Payments firm has released a report saying that its total profit has increased by 60 percent in the third quarter. The report said that this increase is due to the increase in bitcoin transactions in its peer-to-peer payment service Cash App. Square is a payments firm that has acquired a company called Afterpay. Afterpay company provides the facility of buy now, pay later. Square bought Afterpay for $29 billion (about Rs 2.15 lakh crore). Now for the quarter ended September 30, it has issued a report saying that it has made a gross profit of $ 1.13 billion (about Rs 8.3 thousand crore).

Cash App has generated revenue of $ 1.82 billion (about Rs 13.5 thousand crore) in Bitcoin, which is 11 percent more than its last year’s revenue. San Francisco-based Square said bitcoin revenue and gross profit declined from the previous quarter as stability in the cryptocurrency’s price reduced trading activity. At the time of writing the news, the price of bitcoin in India was Rs 52.73 lakh.

The company, led by Twitter boss Jack Dorsey, has benefited over the past year from people who stayed home due to the pandemic and increased demand for e-commerce. Its gross payment volume (which is a measure of transactions on the Cash App) increased by 27 percent to $ 3.7 billion (about Rs 27.4 thousand crore). Its total net revenue grew by 27 percent to reach 3.84 billion (about Rs 28.5 thousand crore).

Dorsey has openly supported bitcoin. The recent bitcoin rally raised Square’s $220 million (approximately Rs 1,650 crore) investment to $470 million (approximately Rs 3,526 crore). At that time the price of bitcoin was running at 62 thousand dollars (about Rs 46.52 lakh).

According to a report from Bitcoin Magazine, Square has approximately 8,027 bitcoins taken at a total purchase price of $220 million. The average price per bitcoin is $27,407 (Rs. 20.56 lakh), which includes fees and expenses.

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