The provider of payments solutions Square reported that for the first quarter the company's revenues from the sale of bitcoin amounted to $ 34.1 million, reports CoinDesk.
A document filed to the US Securities and Exchange Commission (SEC) says that about 5% of the company's total revenue was purchases of bitcoin through the Cash App. At the same time, Square's net profit for the first quarter was $ 223,000.
For the three months ended March 31, 2018, the revenue recognized from contracts with customers was $648.8 million, including $34.1 million from bitcoin sales. Revenue from other sources was $19.8 million. Impairment losses arising from contracts with customers were not significant in the current reporting period.
The total revenue for the first quarter in the amount of $ 648.8 exceeds the indicator for the same period last year by 45%.
Note that the head of the company Square, the creator of the social network Twitter Jack Dorsey, who has repeatedly expressed admiration for the possibilities of blocking technology, calling it "the next big discovery."