Square Made $37 Million Profit From Bitcoin Sales in Q2 2018
Mobile payments firm Square reported second quarter financial results that beat estimates as the company records over $37 million in profit from Bitcoin sales.
According to the report, total revenue for the company for Q2 2018 was $814 million, 6 percent of which came from the cryptocurrency buying service added to its Cash App late last year.
The payment company launched bitcoin trading in its Cash App in January. In order for customers to be able to buy and sell bitcoin instantly, Square holds a certain amount of cryptocurrency on the customer’s behalf.
Square CEO Jack Dorsey has said that he believes bitcoin is a “transformational technology” that could become a one-world currency within a decade.
In the meantime, Square revealed that as of June 30 the carrying value of bitcoin held by itself was $0.4 million. On Wednesday in a conference call, Sarah Friar, the chief financial officer of Square said the objective of the bitcoin purchase service on the Cash App involved not “trying to push on the monetization of bitcoin today.”
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