how does square make money from bitcoin

Credit: Square. After humble beginnings in As such, you should take time to inform yourself before using Bitcoin for any serious transaction. It rallied 775% from its March 2020 lows to its February high. Square gets its Bitcoin exposure through two main sources: Cash App's revenue-generating business. The Bitcoin Cash App transactions posted impressive growth in the Q3 earnings despite the prevailing bearish cryptocurrency market. Jim McKelvey and Jack Dorsey launched Square, Inc., a merchant services and mobile payment platform, in 2009. Square has two key productsits Cash App and Point-of-Sale system. Starting in 2017, the company's Cash App began allowing merchants to use bitcoin in the technology. Once again hit Send after you click on Your Accounts and choose the right wallet. Since Square isn't adding fees to bitcoin transactions, the natural question on many investors' minds is likely to be, "Well, how do they make money?" The $3.6-billion company owns 121,044 bitcoin, a crypto horde roughly 2.5 times larger than its nearest contender, Tesla. In August, the company reported that bitcoin trading revenue from Cash App rose 600% from the So when it is swiped it plays Bob Robertson's song over the Internet to check that bobs card has the money to cover this. >> Polymath Partners with SeriesOne for Security Token Issuance Impactful Dorsey added in a separate Tweet that "the most impactful thing" his company can do is to build upon the current cryptocurrency ecosystem.And this is one way it can give back to the community. Jack Dorseys payments company Block (formerly Square) is going to start mining for bitcoin. eToro Best Trading Platform Australia to Invest in Bitcoin with Tight Spreads & Copy Trading Tools. Using a bank account, you can transfer funds for free in 1-3 business days. This is only the beginning. They are calling it a Bividend worth $0.05 in Bitcoin for every share of company stock owned. And this trend will surely continue for the foreseeable future, which is a great thing for the price of the cryptocurrency. The math behind cryptocurrencies.Help fund future projects: https://www.patreon.com/3blue1brownAn equally valuable form of support Gross profit rose 44.6% to $2.7 billion. 4 Bitcoin revenue, which grew 785.2% compared to the previous year, generated the majority, or 48%, of Square's total revenue. 4 Square allows users to buy bitcoin through its Cash App, a service for which the company charges a small margin above the price it pays to purchase bitcoin. In order to use a credit card to buy Bitcoin, you will need to use a Bitcoin exchange site. F intech giant Square (NYSE: SQ) has allowed its Cash App customers to buy and sell bitcoin for some time now, and has some high-tech cryptocurrency initiatives underway. Invest in Bitcoin Conclusion Expert Verdict. Making Blockchain/Bitcoin money transfer a reality. No fees. Ultimately, Square spent $174.4 million bitcoin services in the fourth quarter, for a total of $508 million for 2019. Coinbase makes money whenever a customer uses that card, more precisely through the payment fee that is charged. But investors should note that Square stock has already staged a big prior run. Coinbase charges around 3.99% for credit/debit card purchases and 1.49% for bank transfer purchases. However, there is a Bitcoin ETF - GBTC, and you can invest in it or in Ethereum directly on eToro. Square was one of the first big money, The rising popularity and use of Venmo may also be an issue for Block. To receive bitcoin, simply provide the sender with your Bitcoin address, which you can find in your Bitcoin wallet. Last year, he said that he thinks bitcoin will become the worlds currency and the currency of the internet. Bitcoin doesnt actually make money. The Bitcoin network is maintained by a large number of computers responsible for tracking the history and ownership of every Bitcoin ever created. Bitamp is an easy-to-use, client-side, open-source Bitcoin wallet. One will trade on the NASDAQ exchange, the other on ICEs Bakkt exchange. Cash App (formerly Square Cash) is a mobile payment service developed by Block, Inc., that allows users to transfer money to one another (for a 1.5% fee for immediate transfer) using a mobile-phone app.The service is available only in United Kingdom and the United States. Despite these moves, Square isn't making much money from its bitcoin service. That covers it for the institutions purchasing Bitcoin. It was developed by Square Inc. in 2009 and you can use it to withdraw money just like Google pay and Apple Pay cash apps. The company launched bitcoin trading in 2018 with Cash App, which enables the buying and selling of bitcoin. Square Cash earns revenue from the fees assessed on transactions, such as the 3% it charges to send money from a credit card and the 1.5% Square Cash charges to make an instant deposit. Square which acts as a broker between its users and cryptocurrency exchanges does not charge commission, though it does profit from the spread between buy and sell prices. Venmo surpassed Cash App in total payment volume in 2019 and is continuing to take off ahead of it. In September 2021, the service reported 70 million annual transacting users and $1.8 billion in gross profit. In Q1 2021, SQ generated $5.06 billion. To date, Square holds approximately 8,027 bitcoin, acquired at an aggregate purchase price of $220,000,000 and an average price per bitcoin of $27,407, inclusive of fees and expenses. How does Bitcoin make money? For more information, see How We Make Money. You can check out squares cash app here. Here you need to enter the recipients wallet address in the recipient box. You have the freedom to set your own rates, and also the luxury of over 300 payment options to get paid for the Bitcoin you sell. PayPal supports international growth and offers more features for eCommerce, while Square provides more in-person selling tools. Twitter and Square chief executive Jack Dorsey said Bitcoin changes "everything" for the better and he will work "forever" to make the crypto work better. Interestingly, I've read some credible reports that suggest PayPal and Square are the final destination for most of the Bitcoin that's being mined these days. Square has previously invested in bitcoin from a product, leadership, and legal innovation perspective, and today adds this financial investment. Get support. | If you want a low-risk way to make money, consider lending bitcoin through an exchange. #bitcoin changes *everything*for the better. Please proceed at your own risk. When the new window pops up, you will see the option Email Address. 49.0k. How Cash App Makes Money. A few weeks ago, in mid-November, Square Inc (NYSE: SQ) announced that its Cash App would launch a new bitcoin pilot. What's a 'non-custodial' wallet? Coinbase offers its very own cryptocurrency, USD Coin (USDC), which is built on the Ethereum platform. Finally, select the amount of BTC that you want to send. HODL means hold, but some people claim its also an acronym. Widely considered the gold-standard of cryptocurrencies, Bitcoin trading still faces barriers which prevent it from gaining widespread adoption. However, the companys BTC revenue has seen an increase of 11% YoY. Square lets you buy easily a certain dollar amount of Bitcoin. Jim McKelvey and Jack Dorsey launched Square, Inc., a merchant-services and mobile-payment platform, in 2009. The app is mainly used to One such company is Square Cash, which recently began allowing certain customers to buy and sell the alternative currency. However, this fee is reduced with an increased amount. So far, Square's bullishness on bitcoin has paid off. Its value is tied to the U.S. dollar, so 1 In 2022, companies are looking at new ways to use Bitcoin or cryptocurrencies to set themselves apart. The Bitcoin revenues are a red herring and don't make a material difference to Square's operations. 5 New Street Square, London EC4A 3TW. When you enter the address, hit Continue and the confirmation page is going to pop up. Coinbase charges around 3.99% for credit/debit card purchases and 1.49% for bank transfer purchases. You know that big money has a big say in what occurs in politics, business, and even in your own life. The answer to the Square vs. PayPal question depends on which services you need. The Cash App is an app that lets you buy and sell Bitcoin instantly in most states, transfer dollars and Bitcoin between peers and businesses who use Squares Cash App and who have withdrawal and deposit features enabled, store dollars and Bitcoin, pairs with its own debit/credit card, and more. Bitcoin Price Prediction Hindi Bitcoin Price Prediction For Tomorrow Week Month 2019 2020 2021 How to Sell Bitcoin on Paxful. As such, it is more resistant to wild inflation and corrupt banks. For example, if Square buys one bitcoin from a Square Cash user for $9,900 and sells it to another for $10,000, it makes a profit of $100 on the transaction. Just as the Trojans were baffled by the monstrous horse standing outside their city gates, the establishment has balked at Bitcoin. The co-founder and CEO of Square, Jack Dorsey, has announced that they are developing a platform for decentralized finance (DeFi) on Bitcoin. Reach out to our team via phone, email, live chat, and social media. Posting Cashtag = Permanent Ban. 4. level 2. BTC-USD BTCUSD=X SQ In November 2017, Square began a test pilot that allowed some users of its peer-to-peer wallet Cash App to buy, sell, and hold bitcoin inside the app. Bitcoin holdings on its balance sheet. To use Cash App, you would download the app onto your phone. Bitcoin is a form of digital money available for online transactions and investments. Square founder and chief Jack Dorsey, who is also the top executive at Twitter, had tweeted last month asking for feedback on the notion. Square began allowing nearly all its users to buy and sell bitcoin through its payment app in January 2018, after a more limited rollout in the preceding fall. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. For example, Square just announced Cash App users could earn bitcoin through the Cash Card's (the app's debit card) cash back feature. FAQs. Square SQ +5.54% Cash app users traded Bitcoin aggressively in the second quarter, and all that volume benefited the payments company. Step 3: Deposit funds. So consider the fact there are plans for two new Bitcoin futures contracts in 2019. Dorsey hinted in the interview above how Bitcoin could be a tool that Square offers to merchants. by. Jack Dorsey, chief executive officer, above, is on record in 2018 as a strong advocate for bitcoin. Square, whose CEO is big Bitcoin proponent Jack Dorsey, bought $50 million worth of bitcoin last October, and doubled down on its bet this February, spending $170 million in What a skimmer does is records this when you put it in the machine making a giant mix tape of all these number which the crook can then take and cut apart to make a copy of your card. eToro Best Trading Platform Australia to Invest in Bitcoin with Tight Spreads & Copy Trading Tools. This marks the first major bank to invest in an exchange. Once the last Bitcoin is mined, there will always be a fixed, limited supply of Bitcoin and if you have one Bitcoin, you will always have a AFP. Bitcoin is booming, and other companies want to capitalize on the cryptocurrencys appeal. In 2022, companies are looking at new ways to use Bitcoin or cryptocurrencies to set themselves apart. 53 Side Hustle Ideas To Make Extra Money; 100 Ways To Make Money In College; 80 Ways To Make Money From Home (In Your Pajamas) 5 Quick Money Making Ideas (That Take Less Than 1 Hour) and want to invest via an ETF, you can't do it yet. Receive coins to any of your public addresses (1..) (3..) (bc1..) and connect yourself to the blockchain. Theres no withdrawal fee. As Bitcoin is a new form of digital currency there are some inherent risks. Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. How does Square make money from this? Over the past two years, the microchip maker Nvidia has been among the best-performing names in the S&P 500 index of U.S. stocks, rising almost six-fold to over $210 a share. This means that everyone can register with a computer, smartphone, laptop and start generating bitcoin on their devices. BTCS Inc. announced that they will become the first Nasdaq-listed company to distribute a dividend payable in bitcoin. Unlike Venmo, Square Cash comes with a built-in bitcoin wallet. They are calling it a Bividend worth $0.05 in Bitcoin for every share of company stock owned. Square owns a majority stake in Tidal, the music-streaming service backed by Jay-Z. Square says it On Paxful, you have nearly 400 ways to pay for your BTCincluding gift cards, debit/credit cards, or other popular options in your area. Bitcoin lets you exchange money and transact in a different way than you normally do. Click on Buy and Sell under the Your crypto section (available only to supported locations) Click on Bitcoin and Buy. In a crypto market of close to $2 trillion, Bitcoin accounts for about $750 billion of value as of March 11. Payment firm Square witnessed $1.8 billion in Bitcoin revenue in Q3 2021, representing a significant decline in QoQ revenue. However in certain cases, if you want to withdraw money in the form of the check, you have to pay a Take a look at this tweet to get his Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000. The average Square price target is $285.42, implying an upside of 8.1%. Cash App is free to download and its core functionsmaking peer-to-peer payments and transferring funds to a bank accountare also free. Square, a mobile payment company founded by Twitter CEO and Bitcoin pioneer Jack Dorsey, recently announced that it purchased 4,709 Bitcoins (BTC). BTCS Inc. announced that they will become the first Nasdaq-listed company to distribute a dividend payable in bitcoin. Number Go Up is one hell of a drug. Its now easy to sell Bitcoin as a Paxful vendor. After verifying your identity on the app, youll be able to send up to $2,500 per week. We connect buyers with sellers where they can purchase amounts of BTC for as little as 10 USD. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. Square might make 1 or 2% from a Bitcoin transaction, if that. The new Bitcoin functionality on the Square Cash app is huge. Enter the amount of Bitcoin you want to buy. Select your payment method and click Next. As for the Cash App Bitcoin fees 2021, there are no fees if you choose to deposit money from your bank via their standard deposit method. Bitcoin just like exchanges do. They pay a fee of 2.9% plus $0.30 USD of the amount they receive on the sale. PayPal, Square, Grayscale Bitcoin Trust, MicroStrategy, and Fidelity Investments have all begun purchasing Bitcoin. Square looks to help remedy that situation. It's not an all-in bet on bitcoin Square usually generates most of its revenue from its transaction-based fees and seller services. His belief is that Bitcoin should become the world's single native currency and using it is moving forward. After you select it, you need to enter the correct email address of the recipient. In a crypto market of close to $2 trillion, Bitcoin accounts for about $750 billion of value as of March 11. Square reported $65.5 million in bitcoin revenue for the first quarter of 2019, while bitcoin costs came in just under revenue at $64.7 millionleaving a bitcoin profit That's compared to $164.8 million 5 New Street Square, London EC4A 3TW. Key Takeaways. The SEC is still toying with the approval of a Bitcoin ETF. Most people haven't been able to mine Bitcoin for years. Summary. You can do that by adding money directly into your account or just wait. Without identity verification, youre limited to sending $250 per week. Instant transfers to a debit card are also available for a 1.5% transaction fee. Step 3: Deposit funds. Step 4: Search for and Invest in Bitcoin (BTC) Step 5: Transfer your Bitcoins to the eToro Money crypto wallet. Jack Dorsey, Square and Twitter CEO tweeted: "Square is considering making a hardware wallet for #bitcoin. It is only worth what people are willing to pay for it. Its Q4 gross profit overall was $804 million. The amount represents 1 percent of Financial payments startup Square was at work Friday on a real-world wallet for safely pocketing bitcoin cryptocurrency. Aave is a decentralized finance lending platform. The Bitcoin network is considered secure, although individual Bitcoin owners can face security risks. Square CEO Jack Dorsey said the company might design its own silicon for the product. Price/earnings ratio: 49. Understand how the non-custodial model puts you in charge of your cryptoassets and protects you from Live help, when you need it. United States. You can easily buy any fraction of Bitcoin on Paxful with zero fees from millions of traders around the world. Both Bitcoin's price and Square's share price jumped after the launch of its bitcoin service. Bitcoin is a virtual, digital, or crypto currencyso called because of the cryptography, or unchangeable coding techniques, involved in the blockchain code on which they exist. Like Venmo, Square Cash is an app you can use to send money to your friends. Square is more resilient than other Bitcoin stocks because it doesn't depend on crypto exclusively to make money. Invest in Bitcoin Conclusion Expert Verdict. Square can help some, but in truth the U.S. government will have to decide where it falls on bitcoin before it can be truly mainstream. Of that, Cash App delivered $4.04 billion of revenue. Using this method, you may be able to generate regular interest payments for lending bitcoin to other account holders. Key Takeaways. Cash App, formerly known as Squarecash, is a peer-to-peer money transfer service hosted by Square, Inc. r/CashApp is for discussion regarding Cash App on iOS and Android devices. Sign up for an account, if you dont already use PayPal. Buy/sell Bitcoin and stocks. The future value of Bitcoin is unpredictable you should only buy with funds that you are prepared to lose. In some ways, Bitcoin has succeeded so far by hiding behind its strangeness. The companys $220,000,000 invested in Bitcoin is now worth over $470,000,000. Square said gross profit from the Cash App was $377 million in Q4. It is only worth what people are willing to pay for it. Cash App is a money mobile app that allows you to make and receive mobile payments with instant transfers to other Cash App users. Cash App lets you buy and sell stocks and Bitcoin directly from the app. Coinsquare is a popular cryptocurrency exchange in Canada offering trading in Bitcoin, Ethereum, and several other coins. If you choose instant, you pay a premium of 1.5% in fees. Instead, Square generates revenue by buying Bitcoins and Its However, toward the end of the day, it eventually dropped to $20K. At a price of $23,500, the bitcoin on Square's balance sheet is worth just over $110 million today. Considering that Square's market cap currently exceeds $100 billion, the gains on its bitcoin holdings are immaterial. Each quarter, Square tells investors how much revenue it brings in from bitcoin. Square (SQ) cash mobile wallet app has emerged as a very popular way for people to buy and sell Bitcoin. Jack Dorsey, the founder of Twitter, is also the founder of Square Cash and serves as CEO of both companies. 3: All-In with Bitcoin. Square, the San Francisco-based payments company, bought bitcoins worth $50 million in October 2020. How does the Square Cash App make money? "Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide," Dorsey As of June 28, the bitcoin price fluctuated slightly above the $20K mark. Ripple made similar arrangements with Connect with the blockchain to send and receive Bitcoin from anywhere, or any device, instantly. It translated into just above $560 thousand of Squares quarterly net profit. Conclusion. A Form 1099-K might be issued if youre transacting more than $20,000 in payments and 200 transactions a year. Step 4: Confirm Withdrawal. Instant transfers to a debit card are also available for a 1.5% transaction fee. After verifying your identity on the app, youll be able to send up to $2,500 per week. Bitcoin has rallied from $6,500 to $11,000 since the beginning of April. Square bullish on Bitcoin. Similar to any other credit card you hold, fees are applied whenever someone uses the card for payments (so-called interchange fees). 1.you can exchange bitcoin/altcoin (any digital money other than bitcoin is called altcoin, yes there are great many them) 2.you can mine them all alone. BTConline is a first-of-a-kind bitcoin mining service and platform created by blockchain professionals to allow everyone from any platform to make bitcoin money for their owners on autopilot. You could generate higher returns using different strategies. Cash App has grown in popularity, making it much easier to pay and send money within the user base, and it has expanded in functionality to allow users to pay Square sellers, as well. The Bitcoin Infrastructure Play. In a string of tweets, Blocks general manager for Step 3: Choose How You Want to Receive Payment. Bitcoin's price is infamous for its volatility. Goldman Sachs. As for the Cash App Bitcoin fees 2021, there are no fees if you choose to deposit money from your bank via their standard deposit method. Square is considering making a hardware wallet for #bitcoin. Although crypto likely represents a small portion of these companys revenues at the moment, it does have the potential to be big. Dorsey noted Generate your own personal Bitcoin wallet. Now you need to choose the wallet where you will send Bitcoins from. Using a bank account, you can transfer funds for free in 1-3 business days. Squares status as a mainstream fintech would likely inject new attention into bitcoin custody. At first, the app allowed the users to simply buy and sell the asset, but a year later it started allowing customers to deposit bitcoin into the app. If one also looks back at the third quarter of 2018, Square pulled in only $43 million in Bitcoin revenue through its Cash App. It has much wider name recognition than even While cryptocurrencies remain a highly speculative asset, their uptake by retail and institutional investors has been unprecedented. FAQs. March 16, 2018. Step 1: Go to the Banking Tab on the Home Screen. Regarding PayPal vs. Square fees, Square generally charges less for online payments, while PayPal charges less for in-person transactions. It was one of the first DeFi projects to market when it launched its ETHlend solution in 2017, long before DeFi started making a lot of noise. These broker sites do the work of backing your money as you turn it into Bitcoin, so they typically charge a small fee for the exchange. Whether youre splitting dinner or paying your brother back for a tuxedo rental, Cash App makes moving money a breeze. Goldman Sachs launched an altcoin trading desk and offers altcoin products since 2018. Find the latest Bitcoin (BTC) price ($19,293 USD), coin profile, news and history to get you started with crypto trading and investing. Square's own Bitcoin holdings aren't significantly boosting its revenue or earnings. Nvidia (NVDA) Price gain, past 2 years: 576%. And, Canadians looking to bet some money on crypto-assets can gain access using platforms like CoinSmart, 2 days ago. The company reports that total bitcoin revenue for the first quarter was $34 million, which amounts to nearly five percent of the firms $669 million in total net revenue. Last week, Square announced plans to build a hardware wallet for bitcoin to make self-custody of the cryptocurrency more mainstream.. The way people bank, invest and manage money has been changing rapidly over the past few years, and Cash App is one of few platforms thats been nimble enough to adapt and continue to serve customers needs. This file photo shows a physical imitation of the bitcoin cryptocurrency. Step 2: Select Bitcoin. United States. The illustrated guide to Bitcoin is surprisingly clear, if looking at Dr. Seuss-esque cartoons that bear no semblance to reality can make an We want to kick off this thinking the right way: by sharing some of our guiding principles." Many Americans, and others around the world, would be thrilled to make purchases using Bitcoin via the app. As Paxful is a peer-to-peer marketplace, you can sell your Bitcoin directly to over 3 million users worldwide. A mobile subsidiary of Jack Dorsey's payments company Square now allows users to make automatic purchases of bitcoin. If you choose instant, you pay a premium of 1.5% in fees. If you use Squares cash app to send money to friends in your local currency, there is good news you can buy fractions of Bitcoin via Square. The revenue impact of Bitcoin to Square is substantial. Markets rely on the availability of both buyers and sellers. Businesses, individuals, and even organizations use the app to send and receive funds from other users of the app. so how might I bring in cash with bitcoin, there are two different ways. Square generated $37 million in revenue on bitcoin in the second quarter, but it spent almost as much to offer free trading of the volatile cryptocurrency on In 2019, Ripple proved that for $10 million per quarter, they could buy 20% of the liquidity of the top-3 remittances firm in the worlds largest corridor. The company also launched the ability to buy and sell bitcoin using the Cash App in January 2018. Denis. Jack Dorseys Square has officially doubled its money on its Bitcoin investment. Squares $50 million-dollar move on Bitcoin has pushed the fintech payment companys stocks higher, enabling it to outperform PayPal shares. And more recently, Dorsey said Square would build a crypto hardware wallet and a bitcoin-focused developer platform, whose name, he said, was "TBD." How does Bitcoin make money? Bitcoins price has dropped by nearly 70% from its all-time high of $68,000 in June to its lowest level in 18 months. USAA allows Coinbase users to check their bitcoin balances from their apps and have invested in the exchange. Operating margin, which is bottom line, this is where the earnings and profitability comes from. For customers, the credit card is free to acquire and use. If we do it, we would build it entirely in the open, from software to hardware design, Squares founder and CEO, Jack Dorsey (who also founded Twitter), is a big bitcoin bull. On Oct. 8, Square, a U.S. financial service provider, revealed it bought 45,000 BTC worth $50 million. Without identity verification, youre limited to sending $250 per week. Reason No. By August 2018, users of Squares payment app, Cash App, were able to buy and sell bitcoin in all 50 U.S. states.The significance of can easily be understated: for the first time, a fiat payment provider offered their customers the opportunity to Since the second half of 2020, the price of Bitcoin has continued to rise, and the skyrocketing market has made Bitcoin at the top edge. The way people bank, invest and manage money has been changing rapidly over the past few years, and Cash App is one of few platforms thats been nimble enough to adapt and continue to serve customers needs. Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial Square's Bitcoin Exposure. Using Cash Apps standard service can be done for free, but certain features like expedited withdrawal may cost extra. It has gone from $0 to $60,000 with most people on earth not batting an eye. Originally a money-by-email service, Squares Cash app is a popular way for individuals to send and receive money without paying traditional fees. Step 4: Search for and Invest in Bitcoin (BTC) Step 5: Transfer your Bitcoins to the eToro Money crypto wallet. HODL as an acronym stands for hold on for dear life.. Sales of bitcoin in Cash App earn Square a little under 2% in profit, which is a very thin margin compared to Square's overall business, which runs at much higher margins. Step 2: Find a Bitcoin Exchange. In the companys Q3 shareholder letter approximately $43 million in Bitcoin revenues was reported. If you're getting started with Bitcoin, there are a few things you should know. Bitcoin's price is infamous for its volatility. The third big innovation Square has relied upon in 2020 is bitcoin. Bitcoin doesnt actually make money. As for storing the Bitcoin, the white paper notes Square uses "cold storage"a way to protect digital currency from hackers by storing it offline. However, this time, you need to pay attention to potential fees that could arise. How to Buy Bitcoin Directly on PayPal. And then, of that $4.04 billion, $3.51 billion was

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