Square, a payment company founded by famous Blockchain pioneer Jack Dorsey, has recently disclosed its fourth-quarter 2020 revenue.
In the published shareholder letter, Square’s fourth-quarter financial metrics stated
- Revenue of $1.31 Billion with a Gross Profit of $527 Million.
- Crypto focussed Cash App contributed to the revenue of $361 Million between Nov. 1 and Dec. 31, with a gross profit of $144 Million.
Now comes the most interesting part!
- Bitcoin contributed to the revenue of $178 Million, almost 50% of Cash App’s revenue!
Cash App growth remained strong with total net revenue and gross profit increasing 147% and 104% year over year, respectively. In December 2019 alone, the platform has seen approximately 24 million monthly active customers. It grew 60% over the year and added its largest number of net-new active customers in December.
Founder & CEO of Square, Jack Dorsey said
“Peer-to-peer transfers continued to be the primary driver of customer acquisition for Cash App.”
He believes that, with the launch of new products and the new Cash App’s interface, the number of customers using Cash App daily has increased. The increase in the number of daily active customers of Cash App is by 80% over the year in the fourth quarter. This is even growing faster than monthly active customers.
Also, the launch of fractional equity investment schemes in the fourth quarter attracted customers towards the adoption and engagement across the broader Cash App ecosystem. Within the first three months since its launch, equity investing has seen the fastest adoption of any product ever launched by Cash App.