Block Inc. posted $1.47B worth of profit in Q2 but BTC trading services profit only accounted for $41 million of that figure, with the firm citing price volatility and a lack of consumer demand.
Square, Inc. is a financial services and mobile payment company founded in 2009 by Twitter developers Jack Dorsey and Jim McKelvey and is headquartered in San Francisco, California. Square has various products for businesses and individuals. The most noticeable of them are Square Cash and Square Point of Sale (Square POS). The Square Cash app is a mobile payment service application that has recorded 7 million active users in February 2018. Square Cash enables fiat transactions to bank accounts and debit cards. Square Cash also offers Bitcoin purchases and transfer to other users. Square POS is an application for inventory management and business analytics. Square is available in Canada, Australia, the U.K., the U.S. and Japan. It has a strong financial performance and rates of growth, gradually expanding and acquiring new businesses.
Over 9,500 people around the world were surveyed for Block’s 2022 Bitcoin report, which showed that more optimistic individuals possessed a greater self-reported knowledge level of the crypto.5435
Despite the fact that the Bitcoin price trended down over Q1, the Block ecosystem of payment solutions with Bitcoin in mind performed well.8453
In total, Block generated $4.42 billion worth of gross profit in 2021 marking a total YoY growth of 62%, however, net profit totaled just $77 million.2581
The layer-two protocol addresses the historic limitations of Bitcoin to improve speeds while reducing transaction fees.7785
“It’s as easy as sending cash, and you don’t need to own stock or Bitcoin to gift it,” said Cash App, allowing transfers as low as $1.9058
“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy," said Jack Dorsey.17385
The twice-serving CEO said his departure was due to the company being “ready to move on from its founders.” Dorsey has not announced any future plans.7088
1 million Ether has been burned since the London hard fork, Square released a beta white paper for a decentralized exchange and Grayscale predicted a $1-trillion metaverse market — all coming to you in this week’s Finance Redefined.13427
It's not a decentralized exchange in the truest sense of the word, but a peer-to-peer token swap platform under the oversight of Square.25018
A consortium of partners spoke during the COP26 conference about the inception of a new blockchain climate initiative and shared details on its future ambitions.4986
Cash App’s Bitcoin profits fell in the third quarter, but overall profits are still on the rise.8465
Volt Equity’s ETF consults with PlanB’s Bitcoin stock-to-flow model to adjust exposure.9894
Jack Dorsey wants to build a single system that can improve accessibility to Bitcoin mining and further decentralize the BTC network.16616
After pulling back from Bitcoin three years ago, Stripe is looking to reenter the crypto sector.8770