[2019-08-02] Square’s Cash App Doubles Its Bitcoin-Generated Revenues

[Jgilpulg]

Of the total revenue of $135 million, which includes subscription and services-based revenue as well as transaction-based, $125 million was Bitcoin-generated revenue.



https://bitcoinist.com/squares-cash-app-doubles-its-bitcoin-generated-revenues/

[mich]

According to the company’s earnings report, adjusted revenue increased to $562.8 million during the quarter ending June 30, 2019. A year ago, the company reported revenues of $385.4 million.

[1Referee]

It's getting very interesting with how these services slowly but surely absorb a decent chunk of Bitcoin on a monthly basis. If you put that against the lower inflation next year, and the demand for Bitcoin that keeps growing, there is one way for the price to move, and that is up. Another benefit is that CashApp is a Bitcoin only service, so no money flows into shitcoins. Wish there were more businesses like this.

The only thing that I hope to see change is the $10,000 weekly limit they currently handle. At these prices people would love to buy themselves a whole coin, but can't because of the limit. Yes, you can wait to buy next week but you then risk getting less coins for your dollars due to the price increasing.

[BitHodler]

It doesn't surprise me that CashApp has been this popular, especially with how Coinbase, which is usually the main newbie fiat onramp, is annoying people with their insane fees.

People now have an alternative option that's cheaper (cheaper means more BTC for your money). Not only that, it also offers an alternative to PayPal with how it has been annoying users with account blocks and other nonsense.

The benefit there is that even people who aren't into Bitcoin can accept it for their goods and services and from there cash out if they so wish. Jack Dorsey definitely has his priorities in order.

As for the weekly limit CashApp subjects users to, I don't think it's a problem with how most people don't have $10k to blow on Bitcoin. Those who do want to buy more go to an actual spot exchange to buy in big.

[joniboini]

As for the weekly limit CashApp subjects users to, I don't think it's a problem with how most people don't have $10k to blow on Bitcoin. Those who do want to buy more go to an actual spot exchange to buy in big.

Agree here. Last time one of my friends want to buy 15 BTC, he wanted to buy it from OTC so he can get a fixed price and bonus instead.

$10k is not a small amount, and even if there are users who want to hold that many, he'd probably accumulate slowly when the time is right.

Looks like CashApp is growing steadily. Nice thing to know.

[joelsamuya]

This is quite impressive and I am sure that this is the kind of news that can encourage many other outfits to also better their services and offerings as there is a big market just waiting around the corner doing the business in the huge market of the USA. Though doing business in the said country can be a big hassle yet at the end of the day it is worth it for now. I am sure that the team behind the Cash App platform is now planning on how to get a bigger share of the Bitcoin market.