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Fintechs are moving into bitcoin, but expect crypto startups to stay on their home turf

Fintechs are moving into bitcoin, but expect crypto startups to stay on their home turf
HeadlinesNewsFintechs are moving into bitcoin, but expect crypto startups to stay on their home turf

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Fintechs are moving into bitcoin, but expect crypto startups to stay on their home turf

The Block3 months ago
Published on August 09, 2020 05:16 GMT+0edited on August 09, 2020 05:24 GMT+0

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Square, SoFi, and soon PayPal. 

The list of financial technology companies that have jumped on the crypto bandwagon continues to grow. And it makes sense — fintechs stand to cash in on such offerings, which can be more profitable than stock trading offerings, in some instances. It also provides fintechs with a way to expand their client base. Square's Cash App provides a great example of what a crypto offering can mean for a fintech company. 

Earlier this week, Square's second-quarter earnings were prematurely released, showing that it made $875 million in bitcoin revenue via Cash App. Cash App generated $17 million in bitcoin gross profit for the same period. Square's filing also showed total expenses related to its bitcoin offering stood at $858 million.

Such breakneck growth …