Trading volume increased along with the recovery of the first cryptocurrency, but the company’s management stressed: the number of coins sold also increased.
For comparison, in the fourth quarter of last year, BTC sales totaled $1.83 billion, down 18%. The bitcoin exchange rate was higher in the first quarter of 2022, but trading volume in 2023 was up 25%.
Cash App’s total profit for its hosts was $931 million, up 49% from January-March 2022. Revenue for the entire Block company, which also owns the Square payment service, reached $1.71 billion.
At the same time, Square reported a 3.8% quarter-over-quarter decline in profits. Speaking to investors on a conference call about the quarter’s results.
Block CEO Jack Dorsey emphasized that artificial intelligence and “open protocols” will allow the company to actively respond to “significant shifts” in the global financial system.
The businessman recalled the ongoing crisis in the U.S. banking system and global dedollarization. Last October, the Cash App added support for the Lightning Network solution for the bitcoin network.