Square: balance sheet shows record sales with Bitcoin

the The payment service provider Square Inc. reached in the last quarter of last year, a record sales for Bitcoin transactions. In the black, the company of Twitter chief Jack Dorsey writes, that's why.

By Christopher clover
28. February 2019BTC$3.865,34 1.61%Facebook Twitter LinkedIn xing mail

On the 27. February published by Square Inc. its annual balance sheet. According to the Report, Square was able to increase its sales in the year 2018, 51 percent. Since the fourth quarter of 2017 users of the Paid App "Cash App" will provide the opportunity to buy Bitcoin and sell it. In the year 2018, sold, Square, Bitcoin against the value of a total of 166.5 million dollars.

The sales by Bitcoin rose in every quarter steadily. In Q4 it reached around 52 million US dollars – an increase of 22 per cent compared to Q3 – its highest so far. Profitable business with Bitcoin for Square is not yet. This is also due to the self-understanding of the company, the first step is to facilitate customers ' access to Bitcoin. Therefore, the Square expect the Bitcoin sales out costs from the adjusted annual turnover:

We pull Bitcoin cost, because we are of the view that it is our role in Bitcoin transactions, the customer's access to Bitcoin easier. Since we use only a small margin on the market cost of Bitcoin when we sell Bitcoin to client, and we have no control over the cost of Bitcoin on the tend to be volatile market, we believe that the withdrawal of the Bitcoin cost is a better reflection of the economic benefits, as well as the performance of the company from the Bitcoin transactions.

Strong growth Figures in the red

a Total write Square to the red. The net loss for the year 2018, amounts to 38 million US dollars. Although revenues could rise by 51 per cent, quite respectable, was the response of the investors to the publication of the Figures for the time being, with disillusionment. The shares lost 6.8 percentage points, and is to the editorial deadline in 64,85 EUR.

Read also: Twitter: "Satoshi's donation" is the new "Like"

CEO Jack Dorsey is considered Bitcoin-Enthusiast, on the assumption that BTC will one day surpass the US Dollar and the "currency of the Internet" will become. Recently, the Twitter-the chief presented his Bitcoin enthusiasm by participating in the Lightning-Network-Promo-action #lntrustchain. With the Integration of the Lightning Network in the Cash App by Square, according to Dorsey, only a matter of time.

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