Profits rise at Square thanks to Bitcoin sales


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Square, which has been enjoying increasing success with its Cash App, has revealed that it has sold $1.63 billion in bitcoin with a $32 million gross profit from the digital currency by the third quarter of 2020. Cryptocurrency is proving popular with the company and it recently purchased $50 million in bitcoin, underlining its commitment to digital money.

In its latest earnings statement the company announced that overall revenue has more than doubled to $3.03 billion for the same period, with strong demand for products that allow consumers to spend their cash online, rather than at physical outlets.

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