Cash App, the Bitcoin-friendly payments app owned by a publicly listed U.S. financial services company, Square, has teamed up with well known American rapper, Megan thee Stallion, on a $1 million Bitcoin giveaway.
The female rapper announced the campaign via her Twitter yesterday, the post has already gathered more than 60,000 likes and 8,800 retweets at the time of writing. The rapper encouraged her followers to post “#BITCOINMEG” in order to be a part of the giveaway.
Thee Hot Girl coach is OFFICIALLY on team @Cashapp ! To celebrate I’m giving $1 MILLION in Bitcoin to as many hotties as I can! Will be giving out this million units until its gone, so drop your $cashapp below w #BITCOINMEG to get a piece pic.twitter.com/Do1Mb5VWKY
— HOT GIRL MEG (@theestallion) December 17, 2020
- At the time of writing, the flagship crypto traded at $23,110.53 with a daily trading volume of $65billion.
- Bitcoin is up 3.44% in the last 24 hours.
Nairametrics revealed Cash App’s Bitcoin-derived revenue of $1.63billion in BTC marked a massive increase of more than 1,100% when compared to the same period in 2019.
- Bitcoin revenue was by far the largest component of Cash App’s overall revenue generation of $2 billion, with all other revenue streams totalling $453 million or 22% of the total.
- BTC revenue minted $32 million in gross profit for Q3, an increase of 15 times the previous year’s profit of $2.1 million in the same period.
What you should know
Cash App works as a broker for BTC purchases, which it buys on behalf of the consumer in need; hence, it earns a commission from such transactions.
About Square, Inc.
- Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy.
- Sellers use Square to reach buyers online and in-person, manage their businesses, and access financing.
- Individuals use Cash App to spend, store, and invest money.