Square Cash, a money transfer app that enables Bitcoin purchases, has reportedly surpassed PayPal’s Venmo in total downloads.
According to a report by CNBC that cites a recent Nomura Instinet analysis, Square Cash totaled 33.5 million downloads in July compared to Venmo’s 32.9 million. It was previously reported that Square Cash had nearly 2 million downloads per month in May and June, tripling Venmo’s growth during that period.
A Nomura Instinet analyst emphasized in a note to clients last week that the current growth in Square Cash downloads is decoupled from the app’s Bitcoin trading functionality.
Square recently reported $400,000 in profit on $37 million of revenue in the second quarter from its Bitcoin trading operations.