Square’s Cash App Generated $1.8B in Bitcoin Revenue in Q3

Payment processor Square stated in its third quarter earnings letter Thursday that its Cash App generated $1.82 billion of bitcoin income in the quarter and $42 million of gross revenue, up 115% and 29% year-over-year, respectively.

Bitcoin income and gross revenue decreased in the third quarter versus the second quarter, nevertheless, Square stated, citing the “relative stability in the worth of bitcoin, which affected buying and selling exercise in comparison with prior quarters.”Square additionally famous bitcoin income and gross revenue could fluctuate in future quarters given modifications in buyer demand and bitcoin’s market worth. It stated that that could be significantly the case “as we lap robust progress charges on a year-over-year foundation in the fourth quarter of 2020.”Shares of Square fell about three% in postmarket buying and selling following the discharge of its Q3 outcomes.