Payments Company Square Unveils Low Returns From Bitcoin Business Last Quarter

US payments processing company Square recently reported low profits from Bitcoin (BTC) trading in its Cash App last quarter, according to an article by Fortune Wednesday, May 2.According to Square’s earnings report, Bitcoin-related business generated about 5 percent of overall revenue, amounting to $34.1 mln. However, the amount of profit from Bitcoin barely covered the funds spent to acquire it in the first place. Profits totaled around $200,000 or about 0.6 percent of the $33.9 mln spent.Square’s Cash App, which allows instant fiat transactions and cash-outs, introduced a Bitcoin buy/sell option for selected users in November 2017. It officially launched Bitcoin trading support on Jan. 31, just a week before Bitcoin dipped near $6,800 on Feb. 5.According to Fortune, Square may have actually lost money on its cryptocurrency business so far. The $200,000 reported at the end of the first quarter is down from the $300,000 at the end of…

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