Square Inc.’s revenue from bitcoin surpassed expectations in revenue in the third quarter, according to Square’s Q3 earnings report. The payment company posted record revenue of $3.3 billion in Q3, compared to $1.92 billion in the prior quarter.
All ecosystems under Square Inc., such as payment devices, Cash App and retail trading outperformed street expectations. While Square has been expanding its product offering across different geographical regions, its biggest revenue growth came from bitcoin trading.
Cash App has seen strong adoption since its launch. This includes its stock brokerage product, which has the fastest adoption of any product to-date.
“More than 2.5 million customers have bought stocks using Cash App," Jack Dorsey, CEO of Square Inc. said. "B...