Square’s mobile payments application, Cash App, posts impressive growth for Bitcoin transactions despite the bearish cryptocurrency market. In Square’s Q3 shareholder letter the company reports $43 million in Bitcoin revenues, contributing $560 thousand to quarterly net profit.
Square is a merchant services and mobile payments company based out of San Francisco. Founded in 2009, the company is known for its portable point of sale systems such as Square Reader and Square Register. Since inception, Square has become one of the most popular payment services for small and medium-sized businesses in the United States.