Square is seeing a 23% drop in bitcoin earnings, despite the fact that bitcoin revenue increased year over year but is still declining in the second quarter. So read more on our latest bitcoin news today.

Payment company Square announced in its earnings report for the third quarter that its BTC sales hit $ 1.81 billion, up 11% year over year from trading on its Cash app. The company says the return on its Bitcoin investments is $ 42 million, or 2% of Bitcoin sales, while its BTC trading income of $ 1.81 billion looks impressive, but is essentially down 23% have decreased compared to the previous quarter. In the second quarter, the company generated BTC sales of 2.72 billion less interested in trading the cryptocurrency:

“Bitcoin’s revenue and gross profit are benefiting from the year-over-year increase in Bitcoin price and activity. Compared to the second quarter of 2021, Bitcoin revenue and gross profit decreased on a quarterly basis, mainly due to the relative stability of the Bitcoin price, which had an impact on trading activity compared to the previous quarters. “

Square saw BTC profits fall 23%, but Jack Dorsey, CEO, said total net sales rose 27% to $ 3.84 billion, translating into gross profit of $ 1.13 billion. Square added that the Cash App, the mobile app that allows users to purchase BTC, has resulted in staggering growth for the company overall, generating $ 2.39 billion in revenue and $ 512 million in profit 33% compared to the same period last year. Squares shares closed 2% lower in intraday trading.

As recently reported, Square is revealing plans to build a decentralized bitcoin exchange as the platform’s CEO.

Jack Dorsey uncovered and, thanks to its initiative, helped more users participate in BTC. Square’s new TBD division is working on a BTC-centric decentralized exchange, and DX is said to be permissive and open-source, but allow users to fund any wallet with fiat currency. Square’s Cash app is a popular way for people to buy and sell BTC, but the platform’s CEO has a huge bite for the leading cryptocurrency, and the financial services firm now plans to do a lot more of the same in this space. Dorsey announced a new division called TBD that will focus on BTC and announced that it will be a decentralized exchange.

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