Square’s Bitcoin sales hit record $1.6B in Q3, outstripping new supply of BTC

posted 22 days ago
Online payment solution Square says its popular payments platform Cash App sold $1.63 billion worth of Bitcoin in the third quarter of 2020. In a Q3 report filed with the SEC, the company says crypto activity from retail traders is on the rise from every angle.

“Bitcoin revenue and gross profit benefited from an increase in Bitcoin actives and volume per customer.” The amount of BTC sold through the app equates to about 110,000 BTC at time of publishing, which is significantly more than the amount of Bitcoin mined in the same time frame.
Tags: blockchain, bitcoin, news