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 …