Jack Dorsey-led Block posts $1.5B in Q2 profits, BTC revenue down

Former Twitter CEO Jack Dorsey’s digital payments firm Block Inc. saw its year-on-year (YoY) profits soar 29% to $1.47 billion in Q2, though its Bitcoin business slumped on decreased customer demand and a fall in Bitcoin (BTC) prices. The financial services firm primarily generates Bitcoin revenue by providing BTC trading services via its digital payments […]

Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue

Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.” In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion […]

Block nets $1.18B Q4 gross profit marking a 47% YoY increase

Crypto-friendly digital payments tech firm Block, Inc. (formerly known as Square) posted $1.18 billion worth of gross profit in Q4, representing a growth of 47% over the same period in 2020. The firm led by Bitcoin maxi Jack Dorsey has multiple business arms including Cash App, Square, and the freshly acquired buy now pay later […]

Cash App integrates Bitcoin Lightning Network for faster BTC transfers

Popular mobile payment service Cash App has integrated the Bitcoin (BTC) Lightning Network as a part of an update, allowing faster and cheaper BTC transfers using the Layer 2 (L2) payment protocol.  Cash App is developed and owned by Block (formerly Square), a fintech firm co-founded by former Twitter CEO Jack Dorsey. The announcement of […]

Jack Dorsey announces Bitcoin Legal Defense Fund

Former Twitter CEO and founder Jack Dorsey has announced plans to create a “Bitcoin Legal Defense Fund” with Chaincode Labs co-founder Alex Morcos and Martin White, who appears to be an academic at the University of Sussex. The announcement was sent on a mailing list for Bitcoin developers, bitcoin-dev, at 00:13:45 UTC on Jan. 12 […]

BREAKING: Square rebrands to Block as focus shifts to blockchain

Digital payments company Square announced that it has changed its company name to Block, seemingly in a shift towards blockchain technology. In a Wednesday tweet, Square said the rebrand will bring the payments firm together with Cash App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal. An accompanying news […]