During Block Investors Day, CEO Jack Dorsey deliberately revealed his ambition to make the payments business a digital giant. According to him, the company has the potential to grow significantly. Mr Dorsey also said he continues to have faith in the blockchain and bitcoin (BTC) which could be an internet currency.
Block expands its business
In recent years, thanks to the many investments it has received, the Block company has grown. It covers today some economic activities. This situation pushes its leader said that it is now impossible to rank the activities of the company in one and the same category. “We are no longer just a payments company. There have been many changes since our last Investor Day. ”
Block CEO stressed that the cryptocurrency and music streaming businesses should be considered an “ecosystem.” He also pointed out that the the company ‘s efforts in the field of BTCas demonstrated in part by its Money-like banking app that enables peer-to-peer payments and transactions in BTC, it will continue to be the core business strategy.
Block cryptocurrency efforts include a number of features: its Bitcoin hardware wallet, a mining Self-made Bitcoin, an open source company aimed at developers called TBD, and Spiral (formerly known as Square crypto) for promoting the use of assets.
During Investors’ Day, Block’s Chief Financial Officer Amrita Ahuja said the profit margin is the value the company cares most about. She also pointed out that this margin is constantly evolving, which shows excellent financial health of the company. Block profit margin is 34%, while the Cash app, which includes all services, offers 12%.
Ahuja noted that the younger generation’s demand for Afterpay – the Australian fintech company that acquired Block earlier this year in the $ 29 billion market – has increased. This generation is typical “one true of traditional forms of credit, which leaves people in huge debt”, she notices.
During the day for investors in the Block company, various information was provided. For example, it has been suggested that the company will continue to invest to increase its value and contribute to the future development of blockchain and bitcoin (BTC) which is considered to be the currency of the Internet, according to Jack Dorsey.
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