RATE Group | Square Cash Quietly Reveals It’s Avoiding Public Cryptocurrency Exchanges
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Square Cash Quietly Reveals It’s Avoiding Public Cryptocurrency Exchanges

05 Aug Square Cash Quietly Reveals It’s Avoiding Public Cryptocurrency Exchanges

Posted at 08:01h in Cryptocurrency News by

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In its recently published quarterly report, Square revealed it’s channeling Bitcoin trades from its Square Cash application to private brokers instead of public exchanges.

Jack Dorsey’s Square Cash application enabled Bitcoin purchases and sales for most users early in 2018, adding to its consumer payments suite. Though overall, Square’s profits are substantial, it’s not making a fortune on Bitcoin trades just yet. Square reported just $400,000 profit on $37 million worth of revenue from Bitcoin for quarter two, 2018.

Square hasn’t announced that it has moved to over-the-counter (OTC) trading services for its Bitcoin transactions. The published quarterly report instead quietly revealed that Square “purchases bitcoin from private broker-dealers,” to facilitate Bitcoin trades for users of the application.

Why Over-the-Counter?

There could be a number of reasons behind Square’s choice, firstly it could protect Square from some of the Bitcoin price volatility seen on…

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