Square's Q3 Bitcoin revenue increased by $6 million
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Square reported Q3 2018 earnings on November 8, and the company's Bitcoin sales continued to increase. During the quarter, Square generated $43 million in revenue from Bitcoin and a profit of $500,000. Square now allows customers in all 50 states to buy and sell Bitcoin via the company's Cash App.
The revenue figure represented nearly 5% of the company's total revenue. Bitcoin continues to be the only cryptocurrency that Square allows its customers to buy and sell. The company has offered no indication that it plans to expand to additional cryptocurrencies in the future. (Source: Square Q3 2018 Shareholder Letter)
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Mike Dudas is one of the founders of The Block and was the CEO until April 2020 and a board member until April 2021. Prior to starting The Block, Mike was co-founder and CRO of Button, the leading global, mobile performance marketing platform. Mike is a builder of mobile commerce businesses, having worked at Google, Braintree/Venmo and PayPal. Early in his career, Mike worked in corporate M&A and strategy for Disney. Mike earned a BA from Stanford and an MBA from Kellogg.
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