TL;DR
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Block Inc. crushed their quarterly reporting reporting a total of $5.5 billion in net income in the second quarter, of which $2.4 billion came 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 time for quarterly results!
ICYMI, yesterday we mentioned that Coinbase’s earnings report was about to be released; and it turns out they crushed it in Q2.
(Meanwhile, the US government is $37 trillion in debt – that’s a T for “trillion” people).
Another company whose quarterly results were released yesterday was Block Inc., founded by Jack Dorsey.
They also crushed it, reporting a total of $5.5 billion in net income in the second quarter, $2.4 billion of which came from Bitcoin.
Block’s ‘Cash App’ uses the BTC Lightning Network to let users make small and quick payments between each other, in crypto.
They charge a small fee for each transaction, just like American Express charges a small fee for using their credit cards.
Turns out many small fees can turn into:
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a lot of people included in Web3.
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Billions of dollars (or $2.4 billion in the quarter to be exact).
Two thumbs up, we’d love to see it!