A group of banking customers in Australia are feeling the repercussions of a shift toward a cashless society, according to a new report. 4,500 Residents living in the town of Kununurra are now facing a 500 mile journey to the closest bank, reports Yahoo Finance. The town, located in Western Australia, used to have brick-and-mortar […]
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Over $1.4 million in settlement cash is about to be handed out to clients at a large US bank after a data breach compromised their privacy and security. Webster Bank and several firms linked with it were accused of failing to protect the personally identifiable information of its customers during a data leak between November […]
The post $1,430,207 To Be Handed Out After Billion-Dollar Bank Suffers Data Breach – Here’s Who Qualifies As Claims Deadline Approaches appeared first on The Daily Hodl.
The amount of unclaimed cash and property unwittingly owned by Americans has surpassed $1 billion in one US state. Stats from North Carolina’s Treasury Department show residents have a significant pile of essentially free money waiting for them, reports the Charlotte-based NBC-affiliated news station WCNC. The unclaimed assets are hiding in a long list of […]
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The Federal Reserve Bank is printing a record number of $50 bills as Americans feel the urge to hold physical cash. The Bureau of Engraving and Printing, the agency in charge of money printing operations in the US, created 756.09 million new $50 bills in 2022, reports CNN. The pile of fresh cash is worth […]
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An ATM owned by a multi-billion dollar bank in London was reportedly swarmed by customers after dishing out more cash than requested. Customers at NatWest bank abruptly rushed to the lender’s ATM in East Ham, East London after a video circulated online showing the machine was malfunctioning, reports Metro. People lined up as news spread […]
The post Billion-Dollar Bank’s ATM Glitch Triggers Mad Rush for Cash As Machine Spits Out Double the Requested Amount appeared first on The Daily Hodl.
Best-selling finance author Robert Kiyosaki is doubling down on Bitcoin (BTC) and gold, and says governments no longer care about their people. In a new thread, Kiyosaki tells his 2.4 million followers on the social media platform X that investors should be stockpiling hard assets like BTC to defend themselves. “I keep buying more gold, […]
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Block didn’t incur any impairment loss on its Bitcoin holdings, and Bitcoin revenue contributed as much as 43% of its total revenue.
Jack Dorsey-led Block, a Bitcoin-focused fintech company, published its third-quarter earnings report on Nov. 2, revealing a profitable quarter and surpassing analyst expectations.
The firm had $5.62 billion in revenue in the third quarter of 2023, boosted by solid revenue growth in Cash App and Square, with $44 million in profit on its Bitcoin (BTC) holdings thanks to a price surge in recent months.
In a shareholder letter, Dorsey shed light on the company’s focus and future plans, especially with Square, along with the key financial metrics from the third quarter. Dorsey said the company had authorized the repurchase of $1 billion in shares to offset a portion of dilution from share-based compensation.
In the third quarter of 2023, Block generated a gross profit of $1.90 billion, up 21% year-over-year. On the other hand, the mobile payment service Cash App generated a gross profit of $984 million, up 27% year-over-year, and Square generated a gross profit of $899 million, up 15%.
Bitcoin revenue accounted for approximately 43% of the $5.6 billion in revenue for Block. The fintech firms’ growth in the third quarter was also aided by strong consumer demand and positive spending.
Related: Jack Dorsey tips pro-crypto candidate Robert Kennedy to win presidency
Block’s Bitcoin gross profit stood at $45 million, up by 22% year-over-year, with the firm selling $2.42 billion worth of BTC to customers via Cash App. The company’s Bitcoin gross profit stood at 2% of Bitcoin revenue. The firm claimed that the rise in BTC revenue was fueled by an increase in the average market price of Bitcoin and the quantity of Bitcoin sold to customers.
Block stated it has not seen any impairment loss on its Bitcoin holding since the previous quarter. Block’s investment in Bitcoin had a carrying value of $102 million as of Sept. 30, 2023, but its fair value, determined by observable market prices, was $216 million, or $114 million more than its carrying value.
Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?
Billionaire investor Ray Dalio says that the “cash is trash” mantra is no longer true amid significant shifts in the macroeconomic landscape. In a new discussion at the Greenwich Economic Forum, Dalio says financial conditions have changed enough in the last several years that cash is now a “relatively attractive asset class,” at least for […]
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A bank with more than $250 billion in total assets says it will soon terminate cash transactions in all of its branches. The Australia-based Macquarie Bank says it will launch a plan to eliminate all cash, check and phone payment services in January, shifting to a digital operation by the end of the 2024. “Between […]
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One of the biggest banks in Australia is making significant changes to the amount of cash customers can withdraw and how much they are allowed to spend using their debit cards. Westpac is reportedly restricting the amount of cash that customers can pull out of ATMs to $1,000 AUD per day, which is about $667 […]
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