As of the first quarter of 2022, Block, previously known as Square, generated $1.73 billion through Cash App bitcoin sales.
“We have been working to increase customers’ awareness and access to bitcoin, resulting in meaningful adoption for our customers,”The company wrote in its first quarter earnings report.
The company’s peer-to-peer money platform, Cash App, generated $624 million in Bitcoin revenue. Its apps and point-of-sale devices enable users to accept payment in fiat and bitcoin at a 3% fee.
Revenue for Block last quarter was down a pearl-clutching 51% year over year.
Lightning Network, a layer-2 bitcoin scaling solution, was integrated into Cash App earlier this year to speed up transactions. The Lightning Network is free to use.