Square Discloses Bitcoin Revenue from 2018
February 28 2019 - 11:56AM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
February 28, 2019 -- ADVFN Crypto NewsWire -- At first glance,
$166 million in revenue from Bitcoin might seem like cause for
celebration for a mobile payments startup. When that Startup is
Square, which reported $3.3 billion in overall revenue, things
become a little different.
5% is usually nothing to write home
about. In Square’s case though, the opposite might be true. They
only just introduced Bitcoin buys and sells in their app in
November of 2017. Even more significantly, the service was not
available in every U.S. state until almost a year later.
Therefore, in a sense, Bitcoin was
not a notable force on the Square platform until late 2018.
Considering this, Square netting $1.69 million because of Bitcoin
in 2018 raises some interesting possibilities.
Just before they rolled out their
Bitcoin service to the entire U.S., they received a BitLicense,
which allows them to be licensed to operate cryptocurrency-related
services in the state of New York. Whether or not they plan to
leverage this towards a greater goal of perhaps becoming the first
licensed mobile crypto bank remains to be seen.
Coinbase has made moves as if they
plan to do so and yet they have not quite achieved such a status
just yet. Regulatory agencies are not exactly known as being agile
with such decisions, with good reason.
Cryptocurrencies stand as the
biggest threat to dismantling the current financial system as we
know it. Mobile banking is not far behind, especially when it is
peer-to-peer based. Regardless of their impartial status,
regulators have a vested interest in keeping the status
quo.
If Square can succeed with crypto
services in the midst of one of the worst crypto bear markets ever,
who is to say they will not rocket toward the top of the industry
in some way when the tough times end? Whatever happens, rest
assured that Jack Dorsey will continue to determine the direction
the app takes. Until that becomes clearer, perhaps risk-averse
crypto investors might consider trusting in Square instead of
newer, unproven crypto exchanges. Jack Dorsey and the Square team
believe that Bitcoin will truly connect the world under one
umbrella and it seems like they are willing to do anything to be on
the forefront of that movement.
By: BGN Editorial Staff
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