Payments platform Square has reported their first quarter earnings, revealing an overall revenue of $5.06 billion, and reporting bitcoin revenue growth of 1,000 % in QI. CEO Jack Dorsey revealed the company’s focus on driving Bitcoin forward on their platform, and his view that Bitcoin could be the internet’s native currency going forward.
Square outlined their first quarter earnings on Thursday, as well as answering a number of related questions in an earnings call. Square financial services recently launched their banking operation in March which will offer Federal Deposit Insurance Corporation-insured deposit accounts and loans to small businesses. Shares of Square went up seven percent following the launch.
In Square’s recent report, the company announced they had surpassed analyst forecasts of their overall quarterly sales which had placed the company at $3.37 billion rather than the $5.06 billion the company made in sales. The company is currently the third largest corporate holder of Bitcoin.
Total net income for the quarter was $39 million, with Bitcoin accounting for around 5% of its total cash, cash equivalents, and marketable securities. CEO Jack Dorsey commented on the company’s focus on Bitcoin:
"We see bitcoin as the internet's potential to have a native currency, and we want to further that as much as we can. Our focus is enabling bitcoin to be the native currency. It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world."
Last month Square joined a group of crypto companies to form a trade group and ‘Crypto Council for Innovation’ that would lobby policy makers and aim to shape the way the industry is regulated. Dorsey commented on the role of Square as part of its function in representing the many voices in blockchain native industries.
“A lot of our related work around government lobbying as well or CTI, is all around making sure that we can realize a native currency, because it is so fundamental to businesses on the Internet and so fundamental to our business generally. So our focus, first and foremost, is on enabling, and this is going to be a long-term focus, on enabling Bitcoin to be the net currency.”
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