Bitcoin (BTC), Cryptocurrency–Despite the crypto markets entering the final months of 2018 in an ongoing bear cycle, cryptocurrency and financial services company Square has revealed that Q3 revenue was up $6 million, including a profit of $500,000. While some investors might find the numbers middling at best, it represents a substantial step forward for cryptocurrency and Bitcoin payments–particularly when the move by Square to implement BTC was viewed by many as a money losing venture.
Square, publishing the numbers in a shareholder letter on Nov. 8, revealed that the BTC division for the payment company has continued to climb throughout 2018, positive news for the industry of cryptocurrency despite the otherwise depressed market valuation. Since adopting Bitcoin as a currency in its payment portal earlier this year, a move that marked the first venture into cryptocurrency for Square, the company has been seen as a crossover between mainstream markets and the relatively untapped potential of crypto. The bump in cryptocurrency revenue to the tune of $6 million was positive news for the company, which is already reporting an increase of 51 percent in total revenue over Q3 of 2017. While some have pointed to the addition of cryptocurrency as providing trivial to profits to Square, if at all, the company reports that the addition of Bitcoin is responsible for 8 percent of the growth over last year’s Q3 numbers, stating: