RATE Group | Square makes tiny Q2 profit on bitcoin
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Square makes tiny Q2 profit on bitcoin

02 Aug Square makes tiny Q2 profit on bitcoin

Posted at 18:53h in Bitcoin News by

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Square generated $37 million in revenue on bitcoin in the second quarter, but it spent almost as much to offer free trading of the volatile cryptocurrency on its Square Cash App. For now, the payments start-up says it’s not relying on crypto to add to its bottom line.

“It’s not a major monetization engine,” Chief Financial Officer Sarah Friar said on a call with reporters after releasing second-quarter earnings Wednesday. “The goal is to continue to drive utility in the Cash App.”

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. But in the time between Square buying bitcoin and customers making a trade, the price can change drastically and the company can lose money, Friar…

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