On Wednesday 27th of February 2019, Square made public it’s earning from the fourth quarter, and the figures were good. Jack Dorsey’s firm Square passed the initial prediction of analysts. According to the release from the firm, Square managed to complete transactions of 13684 BTC which translates to 166 million dollars. Though 2018 was a bad year for all digital coins, the bearish market trend didn’t hold Square back. At the centre of facilitating all these transactions is Square cash app which is PayPal’s Venmo number one rival. Through Square cash app traders can sell and buy crypto between each other. Square cash was launched in 2018.
Dollar Value to Bitcoin Purchases Grew By 200%
To arrive at the 166 million dollars mark, Square experienced an increase in bitcoin price purchases from its first quarter to the last quarter. In the fourth quarter alone, Venom managed to complete transactions worth 52.5 million dollars. Per results posted on news outlet, The Block crypto Square had a 52% increase in bitcoin purchases from the Q1 to Q3. However, between the third quarter and fourth quarter, Square had a 70% increase.
On the other hand, if we take BTC’s prices as the average denominator during all the fiscal year of 2018, Square platform bitcoin purchases went up by 200%. Although Square-enabled traders complete transactions worth $166 million, its platform balance sheet shows it doesn’t have a lot of BTC under its name. Data shows Square only made 1.7 million dollars as net profits from its coins.
While the platform performance is exemplary Jack Dorsey Square CEO believes digital coins will be the native currency for the internet. As a bitcoin evangelist Dorsey is pushing Square beyond its primary business of connecting buyers and sellers to enable as many people as possible to have access to the financial ecosystem. Furthermore, Dorsey is pushing Square to be among firms spearheading the industry by learning from it and having a clear vision. Apart from having a successful year in 2018, Square has also had an increase in its overall customer base. Though its cash app is still in its infancy stages having been launched in 2018, it has taken the market like a storm and sweep users into its platform. The success of 2018 under Jack Dorsey hands shows Square is heading places and in the coming few years Square will be among the leading firms in the crypto sector.