Square Brings In The Dough With Double Bitcoin Profits In Q2

Square just made a splash on cryptocurrency news today, announcing doubled profits from Bitcoin in the second quarter of this year.

American mobile payments firm Square released an unaudited quarterly financial report on Wednesday, revealing it made $37 million in revenue from bitcoin sales, easily double their previous profits during the first quarter of 2018.

Crunching The Numbers

Square LogoSquare’s report indicated the firm made an overall net revenue of $814 million, with 6 percent of the profits coming from the firm’s cryptocurrency buying service added to its Cash App last year.

However, with the costs of facilitating bitcoin purchases rising to over $36.5 million in the same quarter, Square chalked up a margin of $420,000.

That said, Square’s bitcoin sales profits are still almost double compared to the first quarter of the year, which chalked up around $223,000. Square also revealed that the carrying value of bitcoin by itself was $0.4 million as of June 30.

Square added the crypto service to their Cash app in November for its beta testing phase, then opened it up for consumer use in January, allowing users in almost all US states to buy and send bitcoin.

In June of this year, Square received a BitLicense from the traditionally strict regulators in New York state, moving the firm closer to offering the services to all states in the US.

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