During 2018, the provider of payment solutions Square sold bitcoins worth $ 166.5 million. This is evidenced by the company 's financial statements submitted to the US Securities and Exchange Commission (SEC).
The company managed to achieve significant sales growth: from $ 71 million in the first half to $ 95 million in the second.
At the same time most of this amount – $ 165 million – was spent on the purchase of cryptocurrency. Thus, Square's net profit from trading in Bitcoin for 2018 was $ 1.69 million.
As at December 31, 2018, the book value of the bitcoins in the company's accounts was $ 0.2 million.
The company's revenues, excluding sales of digital assets, were at $ 3.1 billion, which is 41% more than in 2017.
According to Square founder, Twitter CEO Jack Dorsey, his company concentrated on personal, mobile and online payments for a year. He also added that they do not limit the possibility of Bitcoin "buying and selling."
“This revolutionary technology expands people's access to the financial system, so we will take up training and take on the role of a leader in our field, ” Dorsey said.
Recall that in October 2018, the company Square released the source code of the offline storage for bitcoins with the support of the hardware component.
Subscribe to BlockchainJournal on YouTube !
BlockchainJournal.news
BlockchainJournal.news
