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Payment firm Square issues letter revealing customers bought $2.72 billion worth of Bitcoin

Cryptopolitan


TL;DR Breakdown

  • Prominent payment firm Square recently published a new shareholder letter for Q2 of the year.
  • According to the letter, customers of the firm have bought about $2.72 billion worth of BTC.
  • This implies that customers have found the firm easier to use, facilitating widespread growth.

Payment firm Square has become one of the most prominent firms in the industry. In the recent shareholder newsletter shared by the organization, the organization made it clear that the adoption of bitcoin is definitely at its high.

For the second quarter of 2021, the organization has revealed that its customers have bought around $2.72 billion Bitcoin. This is indeed a huge amount of Bitcoin and a surge from the previous quarters for Square.

Net revenue for payment firm Square surges

The net revenue that the payment firm Square generated in the second quarter of 2021 amounts to a whopping $4.68 billion, which is quite a surge from previous levels. Compared to the previous years, the organization has seen a surge of around 143 percent.

The enormous value of $1.14 billion was experienced by the organization when compared to 2020, which is brought up by 91 percent. There are various reasons why this huge surge has been seen, as cited by the payment firm Square.

Useful financial ecosystem

According to the statement released by the payment giant, the surge in profits and customer transactions has been due to the useful services it provides. The platform supports direct paycheck deposition and instant transfer of BTC and other currencies free of cost.

Unlike other payment systems, the organization has actively participated in Bitcoin adoption as it provided easy access to cryptocurrencies along with fast, error-free transactions.

“Our ecosystem continues to be a differentiator as we find that customers who are trading stocks or holding them in their portfolio have engaged more with other products like Cash Card or bitcoin and have generated greater gross profit per customer.”

Square



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