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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.

Interestingly, this relationship seems to go both ways. While Bitcoin prices increased in July and Coinbase downloads accelerated 11 percent, Cash App downloads remained stable at 154 percent, showing little variance from prior months’ growth rates

Square recently reported $400,000 in profit on $37 million of revenue in the second quarter from its Bitcoin trading operations. Interestingly, the quarter filings also revealed that Square leverages private, over-the-counter (OTC) trading desks as opposed to the open, public exchanges for its bitcoin liquidity.

Given that Square recently opened up Bitcoin trading to users in all 50 states, the impact of the volatile digital currency on the Cash app’s growth and revenue could increase over the next quarters.

Related: Bitcoin-Enabled Square Cash Is Growing 3 Times Faster Than Venmo

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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