(Reuters) – Sq. Inc reported an almost 60% rise in third-quarter gross revenue on Thursday, fueled by a leap in bitcoin transactions on its peer-to-peer fee service Money App.
The funds agency, which is buying purchase now, pay later pioneer Afterpay Ltd for $29 billion, posted gross revenue of $1.13 billion within the quarter ended Sept. 30.
Money App generated $1.82 billion in bitcoin income, up 11% from a 12 months earlier.
However San Francisco-based Sq. stated bitcoin income and gross revenue decreased from the earlier quarter as relative stability within the cryptocurrency’s worth drove down buying and selling exercise.
The corporate, led by Twitter Inc high boss Jack Dorsey, has benefited previously 12 months from a pandemic-driven leap in demand for e-commerce from folks staying at residence.
Its gross fee volumes, a measure of the transactions processed on Money App, rose 27% to $3.7 billion.
Whole internet income jumped 27% to $3.84 billion.
Reporting by Noor Zainab Hussain in Bengaluru; Modifying by Devika Syamnath