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Cryptocurrency is driving business across worldwide. Square Cash app reported a 100% increase in profit from Bitcoin trading transactions.
Square Cash reported about to $37 million in BTC trading revenue in 2nd-quarter financial statementsfor now.
As per report, BTC trading has been growing at a rapid pace. Square introduced the platform at the start of this year.
In last quarter, the company reported near about $200,000 in profits from BTC trading due to high cost associated with approval of a New York BitLicense.
On the June 18, Square Cash was granted a BitLicense from the New York Department of Financial Services (NYDFS) to instant buying and selling cryptocurrency in New York.
“The goal is to continue to drive utility in the Cash App.”
While profits remain marginal, Square has seen growth in BTC trading transactions over the last quarter, reporting 9% increase in total sale volume.
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This news is from cryptoslate..
