by Eric Martin 
Square, the payment company whose founder is Twitter CEO Jack Dorsey, has announced rising quarterly revenues, a significant portion of which is related to Bitcoin trading.
In a letter to investors, Square released its figures for the first quarter of 2020.
Total Cash app revenue was $528 million for the first quarter of 2020, of which $306 million came from Bitcoin sales and the rest came from payment services in dollars.
The platform has only made $7 million in profits from the sales of Bitcoin.
Square is basically an ecommerce payment solution for merchants.
“In the first quarter, Cash App’s gross profit increased 115% year over year,” said Square.
Square indicates in particular in its letter to investors:
“We are deducting bitcoin revenue because our role is to make it easier for customers to access bitcoin. When customers buy Bitcoin via the Cash App, we only apply a small margin to the cost of the bitcoin market, which tends to be volatile and beyond our control.
Bitcoin revenues for the quarter ended March 31, 2020 increased by $240.6 million or 367%, compared to the quarter ended March 31, 2019. This increase is due to the growth in the number of active Bitcoin customers, as well growth in customer demand. “
A big increase in the number of people who invest in Bitcoin BTC or who trade BTC.
The number of Square customers increased from 3 million in February to around 14 million in mid-April 2020.
An increase in the number of customers linked to the Coronavirus/Covid19 crisis with the containment and quarantine of the population.
As observed with certain crypto exchanges like Binance or Kraken, the registrations of new customers have exploded.
Binance and Kraken are currently recruiting hundreds of people to cope with the increased activity associated with higher Bitcoin trading volumes.
Bitcoin automated trading with crypto trading bots and Bitcoin bots is also on the rise says kryll, one of the leaders in bot trading.
Consequently, Square also indicates a significant increase in its revenue linked to Bitcoin trading, a BTC price which has risen sharply in recent days on the eve of the Bitcoin halving on May 12.
The Bitcoin price which has just passed the symbolic milestone of 10,000 dollars.
