RATE Group | Square’s Bitcoin Integration Turns $37 Mln Revenue in Q2 2018
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Square’s Bitcoin Integration Turns $37 Mln Revenue in Q2 2018

02 Aug Square’s Bitcoin Integration Turns $37 Mln Revenue in Q2 2018

Posted at 11:45h in Bitcoin News by

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Twitter CEO Jack Dorsey’s payments service Square generated over $70 mln in Bitcoin revenues in the first half of 2018, the company revealed in a quarterly report to the U.S. Securities and Exchange Commission (SEC) August 1.

Square, which began offering users the option to buy, sell, and store Bitcoin in its wallet late last year, saw $37 mln in revenue from the cryptocurrency in Q2 2018, compared with $34 mln for the previous quarter.

Total revenue for the company for Q2 2018 was $814 mln, according to the report.

Square caused a stir in February when it rolled out Bitcoin buy and sell functionality to almost all users of its Square Cash app, with reactions suggesting clients had been waiting for the option for some time.

“We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step,” Dorsey tweeted at the time.

Since then, the company has worked on resolving regulatory hurdles in jurisdictions such as New York,

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