Copy link
Increase text size
Decrease text size
Link copied

Square Cash App charging 1.75 percent fee for bitcoin transactions; Breaks previous revenue record in Q3 2019

Square Cash App is now charging a fee for Bitcoin transactions, explaining that the reason behind the decision is to provide users with more transparency.

Image via Screenshot of cash.app

Thu, 07 Nov 2019, 08:57 am UTC

Square Cash App is now charging a 1.75 percent fee for bitcoin transactions, whether buying or selling. There are two kinds of fees that the app will be charging.

First is a service fee for each transaction. And second is a “volatility fee” that is based on price fluctuations across exchanges in the United States.

Before putting the new fee in place, Square Cash App has been including charges based on the market value’s markup. The new decision to break that fee out of the spread was to provide transparency to the users, a Square spokesperson explained to CoinDesk.

More milestone for Square

Jack Dorsey, the founder of the app, revealed a couple of months ago that bitcoin transactions have been the biggest moneymaker for the service, accounting for nearly half the money generated by the Cash App. In the second quarter of 2019, the app pulled in $122.9 million in total revenue, a record figure that surpassed its previous $65.5 million that was generated in the first quarter.

Now, Square is reporting that another milestone has been reached as its third-quarter has $148 million in bitcoin sales, which is 20 percent higher than the latest record. On top of this, Square revealed that first-time bitcoin buyers have doubled since they redesigned the customer interface last month, The Block reported.

Bitcoin seeing positive sentiments in the crypto market

There are a lot of factors that have been driving Bitcoin’s popularity in recent weeks. One of the major reasons for it is China. Chinese President Xi Jinping endorsed blockchain – the underlying technology of bitcoin – a couple of weeks ago that drove the crypto market’s price higher.

Bitcoin, for instance, jumped from a $7,200 slump to over $10,000 a day after the announcement was made. Since then, the leading cryptocurrency by market capitalization has gone down to the lower $9,000 levels and has been trading sideways after the frenzy subsided.

China’s renewed interest in blockchain is also spurring other nations to accelerate their respective blockchain programs. Turkey recently announced that it’s going to be finishing its own central bank digital currency (CBDC) by the end of 2020. Meanwhile, Azerbaijan is also trying to finish its blockchain-based ID system by the end of 2019.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,659.35 (-2.67%)
  • Ethereum (ETH) $250.02 (-6.08%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $385.14 (-11.60%)
  • Bitcoin SV (BSV) $270.73 (-11.97%)
  • Bitcoin (BTC) $9,659.35 (-2.67%)
Feb 17, 2020 (Monday)
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
10:18
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft