The Jack Dorsey owned payment, and financial service company Square reported more than $178 million in bitcoin purchase volumes in the last quarter of 2019. The purchase volume was up 40% from the previous quarter.
Square reported $8 million in gross profits.
The payment and mobile financial service company registered more than $516 million worth of bitcoin sales, translating to $8 million in gross profit. The firm reported less than 2% of gross profit from subscription and transaction-based service. Square saw a 240% increase year over year in bitcoin purchase volume. Square said that in the first three months since its launch, equity investing has seen the fastest adoption of any product ever launched by Cash App.
Twitter CEO sees a future in bitcoin.
The CEO of Twitter and Square, Jack Dorsey, has been a vocal advocate of bitcoin for a long time. Recently he visited several African countries to explore the market and has planned to visit again this year. Jack Dorsey had also announced plans to make twitter more decentralized over time. Jack Dorsey stated that in December, Cash App users generated more than $30 in annualized revenue per user, with bitcoin actives generating two to three times annual revenue compare to other cash customers.