Here's How Much Square Is Relying on Bitcoin
Financial technology outfit Square (NYSE: SQ) got 2021 started on the right foot. More than a year removed from the start of the pandemic, revenue from its seller ecosystem (primarily digital payments and related services for merchants) rallied 19% year over year as in-person business transactions slowly started to normalize again. Cash App also had a good first three months of the new year with revenue up a whopping 139% from a year ago as consumers flocked to the digital wallet.
But revenue overall at Square was $5.06 billion in Q1 2021, up an incredible 266% year over year. The reason? Bitcoin (CRYPTO: BTC) transacted through Cash App. Nevertheless, Square is by no means reliant on the cryptocurrency price boom. On the contrary, it's barely a money-making affair -- but one generating lots of buzz and helping its more profitable digital money management and payments business continue its expansion.
Image source: Getty Images.
Source Fool.com
