Bitcoin bought 10 million cash app accounts, Jack Dorsey's block boastful

Bitcoin bought 10 million cash app accounts, Jack Dorsey's block boastful

According to Jack Dorsey's Fintech company Block, Bitcoin has bought more than 10 million cash app accounts since 2018.

"We focus on expanding the awareness of our customers and access to Bitcoin, which has made it possible for us to promote a sensible introduction", wrote the company, which was previously known as Square, in its results of the first quarter test report Thursday.

blocks were relatively healthy, although it had little to do with Bitcoin. The company, headquartered in San Francisco, generated a gross profit of $ 1.29 billion, which corresponds to an increase of 34 % compared to the previous year.

The peer-to-peer money platform from Block, Cash App, contributed $ 624 million to the final result. The app and its point-of-sale devices make it possible to accept payments in Fiat and Bitcoin, whereby a fee of 3 % is charged.

Cash app integrated the Layer 2-Bitcoin scaling solution Lightning Network at the beginning of this year to speed up transactions through the service. Payments handled by Lightning are free.

cash app achieved $ 1.7 billion in Bitcoin revenue for block, which corresponds to a decrease of 51 % compared to the previous year. The gross profit fell 42 % to $ 43 million, about 3 % of the Bitcoin income of cash app.

After the exclusion of Bitcoin and his recently acquired immediate purchase-savings service afterpay, the sales of cash app rose by 26 % to $ 667 million in the year.

Block said that the falling Bitcoin income and gross profit were the result of the sideways movement of the top cryptocurrency, "which affects consumer demand and trade activity compared to the same period last year".

The suggestion is that it is not the Bitcoin volatility, the user inspires to interact with the cryptocurrency via the cash app, but rather a continued upward movement.

Bitcoin started the year with a trade of around $ 47,000 and ended the quarter approximately at the same level. But it was still volatile and swayed several times between this brand and $ 37,000 in the course of the quarter

Block emphasized that the Bitcoin revenue and gross profit based on a two-year average annual growth rate had actually increased by 138 % and 155 %.

"Bitcoin income and gross profit were relatively constant compared to the fourth quarter of 2021," Block told the shareholders. "Bitcoin revenue and gross profit can fluctuate in future quarters due to changes in the customer's demand or the market price of Bitcoin."

The company said that it had seen a “growing dynamic” around its new Bitcoin parking service, which debuted in April. It enables US users with activated money cards to receive parts of recurring salary check deposits in BTC without a transaction fee. No specific data was provided.

Block also confirmed that it did not sell any of its enormous Bitcoin supplies in the last quarter and did not have any loss of value. Dorsey's company currently holds 8,027 BTC ($ 290.3 million), which she acquired in two lots at the end of 2020 and early 2021.

Block spent $ 220 million for his Bitcoin treasury, the fourth largest stock for a stock corporation behind Marathon Digital, Tesla and Microstrategy.

That means that Block with its Bitcoin purchases is still around $ 70 million in the green area-even after the latest monster dip.

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After 10 million cash app accounts that Bitcoin bought, Jack Dorsey's block Brags first appeared on block works.