Block didn’t incur any impairment loss on its Bitcoin holdings, and Bitcoin revenue contributed as much as 43% of its total revenue.
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.
Bitcoin profits on Block’s Cash App dropped slightly from the first quarter of 2023 but remain up 7% from this time last year.8213
Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs.14839
This week’s Crypto Biz explores Canada’s new crypto conglomerate, the recent premature passing of the Cash App creator in San Francisco, as well as DOGE news, and U.K. crypto challenges.12155
C= (pronounced C equals) aims to further the reach of the Bitcoin Lightning Network through added liquidity and routing services.24818
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.11965
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.6020
Despite the fact that the Bitcoin price trended down over Q1, the Block ecosystem of payment solutions with Bitcoin in mind performed well.9069
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.3151
The layer-two protocol addresses the historic limitations of Bitcoin to improve speeds while reducing transaction fees.8465
“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 $1.9315
“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.18107
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.7472
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.14545
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.26918