Square Earns $37 Million From Its Offering of Bitcoin Sales in Q2

Square, the mobile payment firm, stated in an unaudited financial report for the second quarter that they made $37 million in revenue from its cryptocurrency purchase service,
The firm released the report on Wednesday, August 1st, 2018, with a showing of an overall net revenue of $814 million with 6% of that coming from the offering of Bitcoin sales.
Unfortunately the price of allowing bitcoin purchases came to the sum of $36.5 million during the same time, leaving Square booking a small margin of $420,000 for its bitcoin service.
This however does mean that the company has double it cryptocurrency sales when compared to the first quarter which was reported as $223,000. The carrying value of bitcoin according to Square’s balance sheets was $400,000.
Sarah Friar, Square’s CFO, stated that carrying the bitcoin purchase service on the Cash App is not “trying to push on the monetization of bitcoin today.”
The company released a beta test back in November 2017 and had the hard launch for consumers in January 2018, allowing users in a variety of US states to buy and transfer bitcoins.
Back in June 2018, Square was one of the few firms given a BitLicense by New York.