In the first quarter of 2023, users of the popular Cash App service completed Bitcoin transactions totaling up to $2.2 billion.
The developer company Block reported that compared to the first quarter of last year, the volume of cryptocurrency transactions through the application grew by about 25%.
In the fourth quarter of 2022, Cash App users purchased up to $1.8 billion worth of cryptocurrencies, Block said in a letter to company shareholders.
The platform developer’s profit increased by 32% year-on-year to $1.7 billion, with total revenue of approximately $5 billion.
Transaction fee revenue increased 15% to $1.4 billion. Cash App developers earned $931 million.
