Payments Company Square Unveils Low Returns From Bitcoin Business Last Quarter By Cointelegraph


Payments Company Square Unveils Low Returns From Bitcoin Business Last Quarter

US payments processing company Square (NYSE:) recently reported low profits from (BTC) trading in its Cash App last quarter, according to an article by Fortune Wednesday, May 2.

According to Square’s earnings report, Bitcoin-related business generated about 5 percent of overall revenue, amounting to $34.1 mln. However, the amount of profit from Bitcoin barely covered the funds spent to acquire it in the first place. Profits totaled around $200,000 or about 0.6 percent of the $33.9 mln spent.

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