Square reports it received a record profit from BTC trading in 4Q2018

Square, a payment network from Twitter CEO Jack Dorsey, received the maximum profit from Bitcoin trading in 4Q2018. According to Bitcoinist, this is a record income since the moment of cryptocurrency support.

According to the financial report, Square’s fourth-quarter revenues from the sale of BTC totaled more than $ 52 million, exceeding the indications for the third quarter ($ 43 million) and the second ($ 37 million).

Square Cash began to support cryptocurrency (purchase and storage) from last year, and this service turned out to be very popular among American BTC holders. By the way, Dorsey recently hinted at the quick integration of more Bitcoin technologies into Square Cash. From the BTC trade in 4Q2018

“In the coming year, we will continue to concentrate on three areas and will continue to strengthen our offer on all sales channels. This means that we will improve personal, mobile and online payments, ”he told CNBC on February 27.

However, Square's net profit from trading in Bitcoin remains quite low. The bulk of the income goes to the purchase of cryptocurrency. But despite the fact that Bitcoin itself is not a source of profit, Dorsey continues to be interested in its capabilities.

“For us, bitcoin is not limited to buying and selling. We believe this technology is revolutionary for our industry, it expands people's access to the financial system, so we will take up training and take on the role of a leader in our field, ”Dorsey quotes The Block.

CEO Twitter also took part in the Lightning Torch transaction relay, confirming his belief in Bitcoin as the underlying cryptocurrency. He added that he has no other coins in his briefcase, not even BTC hard forks.

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