via Squareup.com

Square Cash, a money transfer app that enables Bitcoin purchases, is reportedly outpacing the growth of PayPal’s popular social payment app Venmo.

According to a report by CNBC that cites a recent Nomura Instinet analysis, Square Cash had nearly 2 million downloads per month in May and June, tripling Venmo’s growth during that period.

Dan Dolev, executive director and analyst at Nomura Instinet, told CNBC that he believes that the growth has decoupled from Bitcoin’s price, which suffered double-digit percentage losses in both months measured.

Square is more than just a bitcoin play. A lot of people were worried because it went up with bitcoin, but instead, it’s decoupling.

Nomura notes that Square Cash is now within 200,000 total downloads of Venmo’s 31.4 million, and the firm believes it will surpass Venmo within the next few months.

Last month, Square was the 7th company to receive a “BitLicense” from New York state after a comprehensive review that was conducted by the New York State Department of Financial Services which focused on the app’s anti-money laundering and anti-fraud policies.

Shares of Square (SQ) are currently up more than 150% over past 12 months, largely thanks to the company’s cryptocurrency push.

More: Square’s payment app thrives during bitcoin’s fall, showing it’s more than a crypto play: Nomura
Similar: Square Acquires New York State Cryptocurrency License