Introduction
Block, the parent company of Cash App, has reported impressive Q2 results driven by the surge in Bitcoin trading on its platform. Cash App, which allows users to buy and sell Bitcoin, has been a major growth driver for Block, contributing to the company’s overall revenue.
Bitcoin Trading Volume on Cash App
According to Block’s Q2 report, Bitcoin revenue on Cash App increased by 600% YoY, with the platform generating $2.72 billion in Bitcoin revenue alone. The report also indicated that Bitcoin trading on Cash App surpassed traditional stock trading on the platform for the first time.
Cash App’s Overall Performance
Cash App, which also offers peer-to-peer payments and debit card services, has seen significant growth in its user base. The platform added 3 million new users in Q2, bringing its total user base to 40 million. Cash App’s gross profit for the quarter was $546 million, a 167% increase YoY.
Block’s Overall Performance
Block reported a total revenue of $1.14 billion for Q2, a 600% increase YoY. The company’s gross profit for the quarter was $55 million, a 700% increase YoY. Block’s CEO, Jack Dorsey, commented on the company’s performance, stating that “we delivered strong growth at scale while continuing to invest in our business.”
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Conclusion
Block’s Q2 results highlight the growing demand for Bitcoin trading and peer-to-peer payments. Cash App’s impressive performance has been a major contributor to the company’s overall success, and it will be interesting to see how Block continues to capitalize on the growing popularity of cryptocurrency and fintech services.
