Block Notches A 34% Rise In BTC Revenue
For Block Inc., the adoption of Bitcoin’s alpha cryptocurrency in the second quarter of 2023 was essential. The Jack Dorsey-founded payments startup reported outstanding results, generating $5.5 billion in total revenue. Notably, Bitcoin sales accounted for a sizable chunk of the $2.4 billion.
When compared to the same period last year, the revenue related to bitcoin has grown by an astounding 34%. Despite lower Bitcoin prices throughout the quarter, an increase in the amount of BTC sold to customers was the main factor in the rise in Bitcoin revenue and gross profit.
Block’s consumer-facing product, Cash App, has grown to be essential in maintaining the company’s remarkable recent revenue growth. This programme significantly altered the landscape of online banking in addition to speeding up financial transactions.
(With inputs from Shikha Singh)
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