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.
  • Moses
  • 2020.04.29 18:15:42
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $11,682.50 (+0.59%)
  • Ethereum (ETH) $394.08 (+3.47%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $306.38 (+1.17%)
  • Chainlink (LINK) $12.49 (+17.74%)
  • Bitcoin (BTC) $11,682.50 (+0.59%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft