We report the magnetic and calorimetric measurements in single crystal samples of the square lattice J1 − J2 quantum antiferromagnet BaCdVO(PO4)2. An investigation of the scaling of magnetization reveals a "dimensionality reduction" indicative of a strong degree of geometric frustration. Below a characteristic temperature of T * 150 mK we observe the emergence of an additional strongly fluctuating quantum phase close to full magnetic saturation. It is separated from the magnetically ordered state by first-and second-order phase transitions, depending on the orientation of the applied magnetic field. We suggest that this phase may indeed be related to the theoretically predicted spin-nematic state. * povarovk@phys.ethz.ch † http://www.neutron.ethz.ch/ material features strong geometric frustration (J 2 /J 1 −0.9) and easily accessible energy scales (saturation field about 4 T, AF order below T N = 1.05 K). The hightemperature thermodynamics is consistently described by J 1 = −3.6 K and J 2 = 3.2 K [12]. For lack of other candidates, BaCdVO(PO 4 ) 2 has been a subject of intense arXiv:1807.09549v2 [cond-mat.str-el]