CEO Jack Dorsey’s payments service generated over $70 mln in bitcoin revenues in the first half of 2018, the company revealed in a to the U.S. Securities and Exchange Commission () August 1.
Square, which began offering users the option to buy, sell, and store bitcoin in its wallet , saw $37 mln in revenue from the 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 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 at the time.
Since then, the company has worked on resolving regulatory hurdles in jurisdictions such as New York, in June to enable residents to transact with bitcoin via the app.
At the same time, Dorsey’s bullish forecasts for bitcoin have contrasted with the line taken by his flagship Twitter, which together with giants and moved to earlier this year.
Facebook and Google have now the ban.
Actual profits from bitcoin for Square meanwhile remain low, with costs totalling almost as much as revenue –– a situation which remains unchanged since Cointelegraph in May.
Published at Thu, 02 Aug 2018 11:32:00 +0000
