Mobile payment service Square earned $37 million on bitcoin sales in the second quarter of 2018.
According to its quarterly financial report, the company earned $814 million for 3 months, 6% of which was generated by cryptocurrencies.
Nevertheless, marginal revenue from the sale of BTC was only $420,000, as the costs of supporting the world's largest cryptocurrency exceeded $36.5 million over the same period. Although these numbers do not seem so impressive, it is twice higher than the result of the first quarter ($ 223,000).
At the same time, the company's total revenue is growing for the fifth consecutive quarter:
1/ In the second quarter of 2018, we accelerated revenue growth for the fifth consecutive quarter. $SQ https://t.co/HPhSMfVgac
— Square IR (@SquareIR) August 1, 2018
Square added bitcoin support to its platform in November in a test mode, and in January the service was available to all users of the service.
WHY IS IT IMPORTANT?
1. Square’s Cash app allows users to transfer funds on a person-to-person (P2P) or person-to-business basis, meaning you can pay a bill or send a friend $10. It also allows users to buy and deposit up to $10,000 USD worth of Bitcoin per week.
2. In June, Square received a BitLicense, a license to conduct crypto-related activities in the state of New York. Thus, the company is one step closer to its main current goal - to be able to provide its services throughout the US.