Langsung ke konten utama

Cash App’s Bitcoin Revenue Grew 119% in 2021, Gross Profit From BTC Rose 124%

Cash App’s Bitcoin Revenue Grew 119% in 2021, Profit Up 124%

Popular mobile payment platform Cash App, developed by Jack Dorsey’s Block Inc., generated $10 billion in bitcoin revenue and $218 million in bitcoin gross profit in 2021. Compared to the previous year, the bitcoin revenue increased 119% while gross profit rose 124%.

Cash App’s Bitcoin Business

Block Inc., formerly Square Inc., released its Q4 2021 earnings report Thursday. The report includes the performance of Cash App, the firm’s mobile payment platform that allows users to trade bitcoin.

The company stated:

Cash App generated $1.96 billion of bitcoin revenue and $46 million of bitcoin gross profit during the fourth quarter of 2021, up 12% and 14% year over year, respectively.

“Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarter-over-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter,” Block detailed, adding:

For the full year of 2021, Cash App generated $10.01 billion of bitcoin revenue and $218 million of bitcoin gross profit, up 119% and 124% year over year, respectively.

Block explained: “Bitcoin revenue is the total sale amount of bitcoin to customers. Bitcoin costs are the total amount of bitcoin that we purchase.” This means Block’s version of bitcoin revenue is simply its trading volume.

The CEO of cryptocurrency exchange FTX, Sam Bankman-Fried, has urged Block to clear the confusion. He tweeted Thursday: “Hey guys please stop calling this ‘revenue.’ It’s volume.” He clarified that Block had about $2 billion of trading volume and charged about 2% on it, making around $40 million in profit.

The Jack Dorsey-led company is holding some BTC on its balance sheet. “In the fourth quarter of 2020 and first quarter of 2021, we invested $50 million and $170 million, respectively, in bitcoin,” the company noted.

What do you think about Cash App’s bitcoin business? Let us know in the comments section below.



source https://news.bitcoin.com/cash-apps-bitcoin-revenue-grew-119-in-2021-gross-profit-from-btc-rose-124/
Label:

Komentar

Posting Komentar

Postingan populer dari blog ini

Massive Crypto ETF Exodus: $742M Vanishes Overnight

Recent data reveals that spot bitcoin (BTC) and ether (ETH) exchange-traded funds (ETFs) experienced collective net outflows amounting to $742.24 million. Blackrock, Valkyrie, and Grayscale Among Crypto ETFs Hit by $742M Reduction On Wednesday, U.S.-based bitcoin and ethereum ETFs faced significant reductions, with bitcoin ETFs losing $582.90 million and ether ETFs seeing $159.34 million in […] source https://news.bitcoin.com/massive-crypto-etf-exodus-742m-vanishes-overnight/
Posting Komentar
Baca selengkapnya

What Are AI Agent Coins? Utility, Autonomy, and Blockchain Power

Over the past year, the fusion of artificial intelligence (AI) and cryptocurrencies has sparked a significant rise in the prominence of AI-centric digital assets. Now, a fresh subset is emerging from obscurity—AI agent coins—a category of cryptocurrencies linked to initiatives employing autonomous AI agents for tasks within the blockchain realm. AI Agent Coins: The Emerging […] source https://news.bitcoin.com/what-are-ai-agent-coins-utility-autonomy-and-blockchain-power/
Posting Komentar
Baca selengkapnya

Kucoin Hacked for $150 Million in Bitcoin; Bitfinex and Tether Freeze $33 Million of the Stolen Funds

Cryptocurrency exchange Kucoin may have been hacked for $150 million in bitcoin and multiple ERC20 tokens. The Singapore-based exchange confirmed the September 25 security breach, but did not disclose the amount stolen. “Bitcoin, ERC-20 and, other tokens in Kucoin’s hot wallets were transferred out of the exchange,” said Kucoin in an update on Saturday. Meanwhile, Bitfinex and Tether, issuers of the centralized stablecoin USDT , immediately froze a combined $33 million worth of USDT suspected to be part of the funds looted in the Kucoin hack – an action that has stirred questions around the influence of centralized platforms. Paolo Ardoino, chief technology officer of both entities, tweeted that Bitfinex froze $13 million USDT on EOS as part of the hack. Tether froze $20 million USDT “sitting on this ethereum address as a precautionary measure,” he said. In its update, Kucoin maintains that funds in its cold wallets (offline storage, which is less susceptible to hacks) ar...
Posting Komentar
Baca selengkapnya