Preheat the oven to 350 Fahrenheit.
Line an 8x8 inch baking pan with parchment paper and set aside. Melt the butter and add all wet ingredients to a mixing bowl.
Mix with an electric mixer until well combined, about 20 seconds.
Add in the dry ingredients, aside from the chocolate chips, making sure to spoon and level the flour.
Mix until smooth with the electric mixer, then fold in the chocolate chips.
Transfer to your prepared pan and bake for 35-42 minutes or until a toothpick comes out clean.
Remove from the oven and let cool in the pan for 15 minutes, then lift out onto a wire rack to finish cooling.
Meanwhile, beat the softened butter for about 1 minute. Add in the cocoa powder, followed by the powdered sugar and vanilla. Add in the milk until it reaches your desired consistency.
Once the cake has cooled, add the frosting on top and enjoy! You can slice between 9-16 slices, depending on your preference.