Payment firm Square has announced its third quarter earnings report. The company stated that due to the relative stability in Bitcoin (BTC) price, Bitcoin revenue and gross profit decreased compared to the previous quarter.
Square said in its third-quarter earnings report, peer-to-peer payments service Cash App generated $1.82 billion in Bitcoin revenue in the quarter and $42 million in annual profit.
Bitcoin revenue and gross profit decreased compared to the second quarter. Square thinks that the relative stability in Bitcoin price is reducing trading activity.
Square also stated that Bitcoin revenue and gross profit could be volatile in the coming quarters, given changes in customer demand and Bitcoin’s market value.
Square’s total net revenue was $3.84 billion in the third quarter, up 27% year-on-year, while gross profit was $1.13 billion, up 43% year-on-year.
The company also announced that a whitepaper on TBD will be published on November 19. The company focused on building an open developer platform for a decentralized exchange.