Block Earnings Reveal Dorsey’s Bitcoin and Banking Vision

Hey FinTech Fanatic!

Block, formerly Square, is shifting focus toward Bitcoin accessibility and small-business lending. On their Q3 earnings call, Jack Dorsey shared that Block is winding down TBD’s DeFi and scaling back on Tidal, redirecting resources to Bitkey (their self-custody Bitcoin wallet) and Bitcoin mining.

“We’re focused on making?Bitcoin?more accessible and secure for people,”?Jack Dorsey ,?Block head, Square head, chairman and?co-founder?of Block told investors. “We want to make it usable every day, by having an open protocol for payments on the internet.”

“Bitcoin has all the elements necessary to trust it as a currency,” he added, noting that “Bitcoin mining is going to be very large for us.”

The real game-changer? Lending. Block’s goal is to bank its user base by expanding Square Loans, Afterpay BNPL, and Cash App Borrow.

“I think this is one of those things that will ultimately set Square and Cash App apart … getting a personally sized loan right to their email?inbox,?and then?pay?it off just by selling products. We want to lead with technology,” Dorsey said. “And we want to make it very transparent, no hidden fees and everything is visible and simple — particularly the payback experience.?With a simple payback experience it doesn’t feel like a loan.”??

What do you think about this? Let's discuss in the comments.

Catch more FinTech updates below??, and I’ll see you tomorrow!

Cheers,

Marcel

#FINTECHREPORT

?? Check out Global Payment Trends report by HSBC. This edition focuses on how the payments landscape continues to transform, driven by technological advancements, the adoption of new digital business models and the emergence of new payments infrastructure. Link here

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