The Revenue of Square from Bitcoin Sales Doubles in Q2

Square Sees Profits from Bitcoin Sales Double in Q2

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  • Square Inc. Payments company has announced a $37 million profit from Bitcoin sales in Q2.
  • This profit nearly doubles the profit the firm realized during the first quarter.

Square Inc., New York: Square Inc., a New York-based Payments company which enabled point-of-sale transactions with smart devices for small, medium, and big businesses, with bitcoin in January, has announced that it made about $37 million profit in revenue from sales of Bitcoin in the second quarter of the year 2018.

On Wednesday at a conference, the firm published an unaudited quarterly financial report. This report showed that the company has made a total net profit of about $814 million, of which about 6% of this profit is from the Bitcoin transaction service added to its Cash App earlier this year.

With this, the profit the firm made from the sales of Bitcoin in the second quarters of 2018 nearly doubled in value when compared with profits in the first quarter. Profit from Bitcoin sales during the first quarter was about $223,000. The firm revealed that the carrying value of bitcoin it held as at 30th June was $0.4 million.

Sarah Friar, the Chief Financial Officer for Square stated at the conference on Wednesday that the reason why Bitcoin transaction service was integrated into the Square Cash App is not “trying to push on the monetization of bitcoin today.”

The bitcoin buying service was added to the Square Cash App last year November to try it out, however, the service was made open to the general public in January 2018. Thus, enabling users in almost all the US to purchase and send bitcoins.

Cryptona.co reported that New York regulators issued a supposed BitLicense to Square in June. This move seems like a step closer for the firm to offer its bitcoin buying service to all the states within the US.

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