coinspectator - 11/9/2018 2:57:14 AM - GMT (+0 )
Since adopting Bitcoin as a currency in its payment portal earlier this year, a move that marked the first venture into cryptocurrency for Square, the company has been seen as a crossover between mainstream markets and the relatively untapped potential of crypto. The bump in cryptocurrency revenue to the tune of $6 million was positive news for the company, which is already reporting an increase of 51 percent in total revenue over Q3 of 2017. While some have pointed to the addition of cryptocurrency as providing trivial to profits to Square, if at all, the company reports that the addition of Bitcoin is responsible for 8 percent of the growth over last year’s Q3 numbers, stating: “Total net revenue was $882 million in the third quarter of 2018, up 51% year over year.
The addition of Bitcoin is likely in part due to the nature of CEO Jack Dorsey, co-founder and CEO of Twitter, who has expressed extremely bullish remarks for cryptocurrency in the past. While Bitcoin, and by extension the cryptocurrency division at Square, remains a niche market for the financial services platform, the quarter over quarter increase and revenue for BTC payments is a promising sign for both the company and the broader industry of cryptocurrency. However, a company as large and high profile as Square, with the direct backing of CEO Jack Dorsey, holds overwhelming potential for both Bitcoin and cryptocurrency. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full