Square Customers Buy $2.72 Billion Worth Of Bitcoin In Q2

In a new shareholder letter published Sunday, payments giant Square revealed customers bought $2.72 billion worth of bitcoin in Q2 of this year.

Square’s total Q2 net revenue was $4.68 billion, up 143% year over year, for a gross profit of $1.14 billion, up 91% since 2020.

“As we have offered individuals the ability to instantly send bitcoin free, unlock unique Boosts, direct deposit their paychecks, and more, customers have continued to find increased utility on the platform,” the letter read.

But while Bitcoin has played a significant role in the company’s revenue in 2021, Square sought to portray its support for the Bitcoin network as necessary for fostering a more useful financial ecosystem around the cryptocurrency.

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