#CryptoCorner #Podcast 783: #Stocks discussed: (NasdaqGS: $EBAY) (NYSE: $SQ) (TSXV: $BLOK.V)
eBay Considering Crypto as Payment Method, Block Reports Q4 Results, and GlobalBlock Gives Update on FCA Application
Vancouver, Kelowna, Delta, BC February 28, 2022 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Stocks discussed: (NasdaqGS:EBAY) (NYSE:SQ) (TSXV:BLOK)
TheStreet reports that eBay, Inc. (NasdaqGS:EBAY) is considering adding cryptocurrencies as a method of payment. The company’s CEO, Jamie Iannone, explained :
"We're not accepting crypto currently. [But] on March 10, we're going to go deeper on all of these things, payments, advertising, our focus categories."
Iannone also explained the company’s addition of NFT trading:
"We did change our policies last year so that you could trade NFT[s] on the platform and essentially, you know, eBay is a place where people have something to sell and people have something by showing up. So even without announcing anything or doing anything, people started trading NFT[s] on a platform. It reminded me of many years ago when people just started selling cars when we didn't even have a vehicle business at that point. So we're seeing the same type of thing [with NFTs]."
Block, Inc. (NYSE:SQ), formerly Square, Inc., has published a shareholder letter outlining its results for the fourth quarter of 2021. The following excerpt details the results of its bitcoin (BTC) business through Cash App:
Cash App generated $1.96 billion of bitcoin revenue and $46 million of bitcoin gross profit during the fourth quarter of 2021, up 12% and 14% year over year, respectively. On a two-year CAGR basis, bitcoin revenue and gross profit grew 232% and 285%, respectively. Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and number of bitcoin actives. Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarter-over-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter. For the full year of 2021, Cash App generated $10.01 billion of bitcoin revenue and $218 million of bitcoin gross profit, up 119% and 124% year over year, respectively. In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin, particularly as we lap strong growth rates on a year-over-year basis in the first quarter of 2021.
GlobalBlock Digital Asset Trading Limited (TSXV:BLOK) has shared an update on the pending application by its wholly-owned UK subsidiary, GlobalBlock Limited, for registration as a cryptoasset business with the Financial Conduct Authority in the United Kingdom. According to the press release, “GlobalBlock UK has now received a Warning Notice from the FCA indicating that it is minded to refuse the Application.” The company now plans to “present a rigorous and fulsome response to the FCA,” in a bid to change its conclusion.
Sam Mowers, Investorideas
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