Square Cash App Bitcoin Profits Doubled in Q2 2018

In Q2 2018, Square Cash app reported a 100% increase in profit from its Bitcoin trading transactions over the last quarter.

Square's peer-to-peer mobile payment platform, Square Cash reported $37 million in BTC trading revenue in its second-quarter financial statements for 2018.

According to the report, BTC trading has been growing at a rapid pace since Square introduced it to the platform at the start of this year.

In order to offer users commission-free transactions, Square Cash must directly purchase Bitcoin at varying market prices throughout the year.

In Q2 2018, Square Cash incurred ~$36.5 million in operational costs for BTC trading.

Square Cash reported $420,000 profits from BTC trading in Q2 2018.

In the previous quarter, the company reported only $200,000 in profits from BTC trading due to high costs associated with its approval of a New York BitLicense.

On June 18, Square Cash was granted a BitLicense from the New York Department of Financial Services to facilitate instant buying and selling of the world's leading cryptocurrency in the state of New York.

While BTC trading adds a unique and persistent channel of revenue to Square Cash, CFO Sarah Friar believes the product's growth still lies primarily in its peer-to-peer payment functions.

While profits remain marginal, Square has seen notable growth in BTC trading transactions over the last quarter - reporting a ~9% increase in total sale volume.