2020 was a bumper year for Jack Dorsey’s Square and its crypto-embracing Cash App mobile payments app – but one that could soon be eclipsed, after the company revealed that “over three million customers” bought or sold bitcoin (BTC) on its platform in 2020, while January this year saw “more than 1 million customers” purchase bitcoin “for the first time.” Also, Square announced a USD 170m purchase in BTC.
The claims were made in an FY2020 Q4 earnings report and an official release for investors, where Square added that in the final quarter of the financial year that was “bitcoin volumes per customer” jumped by over x2.5 year-on-year.
The firm said that this growth was “primarily driven by buying activity, as existing customers continued to buy bitcoin and new adopters bought even greater volumes of bitcoin.”
And, like PayPal recently, it looks like Square is happy with its BTC customers, who tend to be more active on the platform than fiat users.
Square wrote,
“In future quarters, we recognize that bitcoin revenue may fluctuate as a result of changes in customer demand or the market price of bitcoin.”
