Square Inc on Thursday announced a 60% rise in its third-quarter gross profit, driven largely by an increase in bitcoin transactions on its peer-to-peer payment platform Cash App.

The payments services company, which plans to buy now, pay later pioneer Afterpay Ltd for $29 billion, announced a third-quarter gross profit of $1.13 billion.

Cash App posted $1.82 billion in bitcoin revenue, up 11% from 2020.

Still, California-based Square also noted that bitcoin revenue and gross profit declined sequentially as the relative stability of the bitcoin price led to a decline in trading activity.

Led by Twitter Inc chief executive Jack Dorsey, Square has benefited from a pandemic-induced surge in demand for e-commerce from people remotely.

Gross payment volume, a measure of transactions processed through Cash App, increased 27% to $3.7 billion, while total net revenue increased 27% to $3.84 billion.

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