Square’s Cryptocurrency Profits Doubled in Q2

Bitcoin and other cryptocurrencies may have continued to endure a bear market during the second quarter of 2018, but that did not stop digital payments firm Square from recording a 100 percent increase in BTC profit over Q1.

Square, which added bitcoin trading to its peer-to-peer payments app toward the end of last year, reported in its unaudited quarterly financial statement that it brought in $37 million in bitcoin revenue over the three month period ending June 30.

Most of that revenue was used to purchase the flagship cryptocurrency on behalf of customers, however, and Square reported that its cryptocurrency brokerage service made a net quarterly profit of $420,000 on those commission-free trades.

Nevertheless, that profit figure is double what the firm made from its cryptocurrency trading service in Q1. As CCN reported, Square brought in $34 million in bitcoin revenue during the first quarter, netting a profit of approximately $200,000.