Cash App Sees almost 100% of its revenue from Bitcoin during Q3 of 2020

Quick Take

1 minute read

• Cash App reported earlier this month that bitcoin has beaten all other revenue sources by making up around 80% of its entire revenue in the third quarter of 2020.

• The third-quarter report indicates that the application so $1.63 billion worth of bitcoin derived revenue making a massive increase of more than 1000% when you compare it to how it looked in 2019.

The well-known crypto-friendly mobile payment application from the United States financial services company owned by Jack Dorsey's Square, Cash App reported earlier this month that bitcoin has beaten all other revenue sources by making up around 80% of its entire revenue in the third quarter of 2020.

The third-quarter report indicates that the application so $1.63 billion worth of bitcoin derived revenue making a massive increase of more than 1000% when you compare it to how it looked in 2019.

Interestingly, bitcoin was the biggest source of income/revenue generation for the application of $2 billion.

The report further goes on to indicate that some of the increased bitcoin sales were down to the new auto-invest tool that the app launched in May earlier this year. This new tool allows its user base to recurring daily or even weekly purchases of stock or the leading cryptocurrency.

$32 million in gross profit was seen in bitcoin revenue in the third quarter of this year which was significantly more than last year of the same period. In 2019, $2.1 million was produced so it’s safe to say that this is a big improvement on last year.

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