Jack Dorsey’s Sqaure Inc. was rebranded into Block in 2021, and since then, the firm has taken multiple steps to capitalize on the crypto world. The firm held its first investor day since 2017, wherein executives described how crypto and music-streaming businesses of the firm led to the creation of an “ecosystem.”
Not a payments firm anymore
As per a report from CNBC, the San Francisco-based company cleared the air with one fact: Block cannot be categorized into a single sector. The firm has been actively engaged in major partnerships this year, recently acquiring Jay-Z’s music company Tidal and Australian fintech company Afterpay.
“Calling Block a payments company is like calling Amazon a bookseller,” CFO Amrita Ahuja told CNBC in a phone interview. “We’ve grown in so many different ways across multiple dimensions.”
Cash App now has 46 million monthly active users, followed by 80 million annual activities as of March. Jack Dorsey, the former Twitter CEO, said that “this will be a massive economy in the future, and we see an opportunity to be a big part of it, all using the tools and platform we’ve already built.”
When the quarter ended in March, Bitcoin accounted for roughly 5% of Block’s gross profits, and Dorsey believes that Bitcoin is an “open standard for global money transmission” and will allow Block’s “entire business to move faster globally.” Furthermore, Block has expanded into a bitcoin hardware wallet, a bitcoin-mining business, and an open-source business called TBD for developers.
“Its development may feel slow relative to other candidates, but that’s a result of the deliberateness required to preserve the attributes necessary for money storage and transmission,” Dorsey said.
Recently, the firm also hinted at its plan of bringing “the next generation of mining ASIC” and the development of a hardware BTC wallet for 100 million users, as evident from two job postings on LinkedIn.
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