Square has released its third-quarter figures for the month, and the payment company has seen a massive increase in Bitcoin revenues, surpassing the $1 billion mark for the first time

Square, the payment company by Jack Dorsey, reported massive numbers for the third quarter of the year. According to the Q3 investor letter published yesterday at the market close, Cash App generated $1.63 billion in Bitcoin revenue, with $32 million of Bitcoin gross profit during the third quarter of the year. The revenue and profit represent an 11x and 15x growth year over year (YoY), the report added.

This is the first time the Bitcoin revenues were crossing the $1 billion mark. In the second quarter of 2020, Cash App generated $875 million in Bitcoin revenues, with $17 million in profits. The latest figures are also better than what was obtained last year. In 2019, Cash App sold $516 million worth of Bitcoin, with the latest figures more than three times of what was achieved in the entire previous year.

Cash App generated $2 billion in revenue during the third quarter, with Bitcoin raking in the lion share. The publicly-traded company generated $453 million from all other revenue streams, accounting for 22% of Square’s total revenue.

Cash App serves as a broker in the Bitcoin market, buying the cryptocurrency on behalf of the users and charges a small fee. The company attributes the rise in Bitcoin revenues to an increasing number of active users on the platform. According to the report, Cash App has provided more ways for customers to spend, send, store and invest their money. The availability of products like Cash Card, direct deposit and stock brokerage led to customers depositing more funds into their Cash App account. The automatic Bitcoin purchases also helped the company record more revenue.

The report stated that “Customers who adopted two or more products were highly engaged: during the third quarter, these customers had 3-4x more transactions and generated 3-4x more gross profit compared to customers who only used peer-to-peer payments”.

Furthermore, thanks to the newly launched products, customers started using the Cash App daily. In the third quarter, daily transacting active Cash App customers nearly doubled from 2019 and represented about a quarter of monthly transacting active Cash App customers.

Square has been one of the leading publicly traded companies involved in Bitcoin. The company reported that its $50 million Bitcoin investment is now worth $74 million. Square maintains its position in believing that cryptocurrencies are instruments of economic empowerment that align with the company’s purposes.