TL;DR
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Block Inc. crushed their quarterly earnings report, reporting a total of $5.5 Billion in Q2 net revenue, with $2.4 Billion of that coming in from Bitcoin.
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Block’s ‘Cash App’ uses the BTC Lightning Network to let users make small and quick payments between each other, in crypto.
Full Story
It’s Quarterly Earnings Reports time!
ICYMI, yesterday we mentioned Coinbase’s earnings report was about to come out; and turns out they crushed it in Q2.
(Meanwhile, the US Gov has hit $37T in debt – that’s a T for ‘Trillion’ folks).
Another company whose quarterly earnings came out yesterday was the Jack Dorsey-founded, Block Inc.
They crushed it too, reporting a total of $5.5 Billion in Q2 net revenue, with $2.4 Billion of that coming in from Bitcoin.
Block’s ‘Cash App’ uses the BTC Lightning Network to let users make small and quick payments between each other, in crypto.
For each transaction, they take a small fee in the same way that American Express takes a small fee when you use their credit cards.
Turns out, a lot of small fees can turn into:
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A lot of people being onboarded into Web3.
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Billions of dollars (or $2.4B in the quarter to be more precise).
Two thumbs up, we love to see it!