Square paid $50 million for Credit Karma’s tax filing service to integrate it into Cash App, its crypto-enabled mobile payments service.
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Square’s Cash App made $1.6B on Bitcoin transactions this quarter
The Q3 revenue of Square’s mobile finance application was up 11 times and is growing rapidly
In a shareholder letter Square released on Nov. 5, the company noted that “Cash App generated $1.63 Billion of bitcoin revenue and $32 million of” gross profit in Q3 2020. The company also highlighted that year-over-year the Bitcoin revenue increased 11 times while the revenue was up 15 times.
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Square’s Cash App adds small investor-friendly bitcoin buying feature
Jack Dorsey’s payments app now supports dollar-cost averaging, a small investor friendly, long-term investment strategy in which a set amount of Bitcoin is bought on a regular schedule
Square founder Jack Dorsey is aiming to make it easier for small investors to buy bitcoin in CashApp by setting up regular daily, weekly, or biweekly purchases at a set dollar amount.
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The actual two pizza pies bought for BTC 10,000 by Laszlo Hanyecz in the first known bitcoin purchaseAlthough ranked last for trustworthiness, crypto’s use as currency is growing
60% of those polled are currently using cryptocurrencies for day-to-day purchases or plan to do so within a year, according to an Economist Intelligence Unit survey
Although nearly 40% cryptocurrencies face an uphill struggle against distrust to be crowned as its anointed successor.
