Square realizează un profit de 55 de milioane de dolari în Q2, pentru a extinde utilizatorii aplicației Cash prin achiziția de 29 de miliarde de dolari

Twitter founder and CEO Jack Dorsey’s payments startup Square has made $2.72 billion of bitcoin revenue for the second quarter this year.

In its shareholder letter released on late Sunday Eastern Time, Square said its Cash App generated “$2.72 billion of bitcoin revenue and $55 million of bitcoin gross profit during Q2, each up approximately 3x year over year.”

But the bitcoin revenue has decreased on a quarter-over-quarter basis, Square said, which was “driven primarily by relative stability in the price of bitcoin, which affected trading activity compared to prior quarters.” For Q1 anul acesta, Cash App a realizat un profit brut de 75 de milioane de dolari din bitcoin din venituri de 3.51 miliarde de dolari.

That said, Cash App is poised to expand its user bases through Square’s $29 billion acquisition deal over an Australia payment firm Afterpay, which is listed on the Australia Stock Exchange.

Într-un anunț separat lansat duminică, Square a spus că achiziția va permite ambelor firme să-și ofere produsele financiare mai multor clienți. Tranzacția este de așteptat să se încheie în T1 2022.

Afterpay este o platformă de plată care permite utilizatorilor să primească mai întâi produsele și să plătească mai târziu în mai multe rate, fără dobândă, dacă plățile lor sunt la timp. Acesta a susținut că are 16.2 milioane de utilizatori la 30 iunie.

“Afterpay consumers will receive the benefits of Cash App’s financial tools, including money transfer, stock and Bitcoin purchases, Cash Boost, and more,” Square said in the announcement.

Square said it also recognized a bitcoin impairment loss of $45 million on its bitcoin investment in Q2. But the fair value of its total investment in bitcoin since Q4 last year stood at $281 million as of June 30, which is “$127 million greater than the carry value of the investment.”

În general, excluzând veniturile din bitcoin, Square a adus 1.96 miliarde de dolari ca venit net total pentru T2.

Cash App’s bitcoin revenue represents the total sale amount of bitcoin sold to customers with the cost referring to the total amount of bitcoin it purchased. Cash App made profits by charging a spread.

La începutul lunii trecute, Square a spus it is also committed to making bitcoin hardware wallets in order to “make bitcoin custody more mainstream.”

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