Altcoin News: Square Payment Platform, Founded by Twitter CEO Jack Dorsey, Sold Bitcoins in Excess of $166 Million in 2018

February 28, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Square payment platform, founded by Twitter CEO Jack Dorsey, sold Bitcoins in excess of $166 million in 2018, evidenced by the company ‘s financial statements prepared for the United States Securities and Exchange Commission (SEC) and presented on Wednesday.

It is noteworthy that sales in the fourth quarter grew noticeably and amounted to $52 million, surpassing the third quarter figures by $9 million and $15 million of the second. In the first half of the year, the total value of sold Bitcoins was $71 million, in the second half — $95 million.

Square’s net profit from trading in Bitcoin, however, remains low, since the majority of the stated amount was spent on the purchase of cryptocurrency — $1.69 million respectively.

As of December 31, 2018, the book value of Bitcoins held in Square accounts was $0.2 million.

“For the year ahead we continue to focus on three things and we will continue to strengthen our omni-channel offering. That means that we add strength to in-person payments, to mobile payments and also to online. We’re really excited about everything we’re doing in financial services.” Dorsey said in an interview with CNBC on Wednesday.

“Bitcoin for us is not stopping at buying and selling, we do believe this is a transformation technology for our industry and gives people more access to the financial system, so we are going to have a learning mindset and ensure we are learning and leading the industry from here,” — quotes The Block another application Dorsey.

The possibility of buying Bitcoin was implemented by Square in the first quarter of last year. Recently Dorsey confirmed that support for the second level network Lightning Network may be added to the service in the future.

Author: Marko Vidrih

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