Square, a mobile payments firm recently revealed that the company earned roughly around $37 million in revenue from bitcoin sales during the second quarter of 2018. This Wednesday, the company released an unaudited quarterly financial report. As per the report, the firm indicated that it earned an overall net revenue worth $814 million. Around 6 percent of this revenue came from the cryptocurrency buying service that was added to its Cash App last year.
Square again chalked up a small margin of $420,000, with the cost of facilitating bitcoin purchases amounting to over $36.5 million. Having said that, Square’s bitcoin sales profits nearly doubled as compared to the firm’s first quarter’s figures of around $223,000, as previously reported by CoinDesk.
Square, Inc. is the brainchild of Jack Dorsey, Twitter founder. The firm has been a positive driving force for cryptocurrency with the integration of Bitcoin last year. CEO Dorsey has been a huge proponent of Bitcoin and is one of the most bullish figures to emerge from the social media culture of Silicon Valley. He went on record in March to claim that Bitcoin could become the world’s single currency within a decade.
The company meanwhile disclosed that the carrying value of Bitcoin held by itself was $0.4 million as of June 30. On Wednesday, during a conference call, chief financial officer of Square, Sarah Friar said that the objective of the bitcoin buying service on their Cash App is not to try pushing on the monetization of Bitcoin as of today.
The mobile payments firm added the crypto service last November for a testing phase. The company then opened it up for its customers in January this year. With this, it allowed users in almost all U.S. states to send and buy bitcoins.
In the month of June this year, the firm received a so-called BitLicense from crypto exchange regulators in the state of New York. This helped the firm to inch a step closer to offering the service to all the states in the country.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]