{"id":7908,"date":"2018-08-02T16:55:12","date_gmt":"2018-08-02T16:55:12","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=7908"},"modified":"2018-08-03T12:23:34","modified_gmt":"2018-08-03T12:23:34","slug":"square-generates-37-million-from-crypto-business-in-2q18","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/square-generates-37-million-from-crypto-business-in-2q18\/","title":{"rendered":"Square Generates $37m From Crypto Business in 2Q18"},"content":{"rendered":"

\"\"Square<\/strong>, a payment processing service founded by Twitter CEO Jack Dorsey<\/strong>, recorded revenues of over $70 million in Bitcoin in the first half of 2018. The information was revealed in the company\u2019s quarterly report<\/a> filed with the the U.S. Securities and Exchange Commission (SEC) on August 1.<\/p>\n

Square, which facilitated buying, selling, and storing of Bitcoin since the end of last year, posted revenues of $37 million from its cryptocurrency operations in Q2 2018, compared with $34 million in the earlier quarter. Square reported overall revenue of $814 million in Q2 2018.<\/p>\n

Square hogged the limelight when it started offering Bitcoin buy and sell functionality in in February,<\/a> without any restrictions based on users\u2019 profile. The crypto trading facility provided to the users of Square Cash app received appreciations and positive response from its clients. At that time, Dorsey tweeted
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Instant buying (and selling, if you don\u2019t want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step.<\/p>\n

We also made this! https:\/\/t.co\/z3u0liDNk4<\/a><\/p>\n

— jack (@jack) January 31, 2018<\/a><\/p><\/blockquote>\n