According to CoinDesk, in a 10-Q filing submitted to the US Securities and Exchange Commission, the startup declared its financial results for Q1 2018, noting that roughly 5% of its revenue came from customers purchasing Bitcoin through its Cash app.
Due to the costs of purchasing the cryptocurrency, the company’s total profit in the time period is about USD 223,000. However, the cryptocurrency-based revenue is offset by the USD 33.9 million it cost to purchase the Bitcoin in the first place, according to the filing.
The company first enabled Bitcoin buying through the Cash app in November 2017 as part of a pilot program open to a limited number of users. Square changed this policy in late January 2018, when it gave users the ability to send payments to friends and family members.
Bitcoin payments also expanded to almost all US customers, the online publication added, with the exception of those in New York, Georgia, Hawaii and Wyoming - all being states with tougher regulations around cryptocurrencies.
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