Jack Dorsey's Block begins shipping Bitkey, its new self-custody bitcoin wallet
Block, the fintech company founded by Jack Dorsey, has started shipping its new self-custody bitcoin wallet, Bitkey, after four months of pre-orders. Bitkey connects to Block's payments platform Cash App and crypto exchange Coinbase, allowing users to buy and sell BTC within the app. The wallet consists of a hardware device, a phone app, and a set of recovery tools, with the third key stored on Bitkey's servers. Block's shares were up over 6% at the time of writing on Wednesday.
Block's performance exceeded analysts' expectations, and its stock price soared 16%
The bitcoin company Block, led by Jack Dorsey, exceeded analysts' expectations for performance and first-quarter expectations. As of one hour after the close of the US stock market, the company's stock price rose by 16%. Block's full-year adjusted earnings before interest, taxes, depreciation, and amortization were $1.79 billion, surpassing analysts' expectations of $1.66 billion to $1.68 billion. The company stated that it expects first-quarter adjusted EBITDA to be between $570 million and $590 million, higher than analysts' expected $514.5 million. Cash App, a subsidiary of Block, saw a 31% increase in revenue from the same period last year, reaching $3.91 billion, exceeding the expected $3.71 billion.
Musk comments on Block’s self-hosted wallet: If it’s not your key, it’s not your wallet
Block led by Jack Dorsey announced its Bitkey Bitcoin hardware wallet. Jack Dorsey promoted it on the X platform, saying "Move your Bitcoin out of the exchange." Musk replied to Jack Dorsey's tweet, saying "As they say, if it's not your keys, it's not your wallet." (Not your keys, not your wallet)
Block's Bitkey Bitcoin Wallet Available for Pre-Order in Over 95 Countries
Block, a fintech company led by Jack Dorsey, has announced the pre-order availability of its self-custody bitcoin wallet, Bitkey, in over 95 countries. Bitkey comprises a mobile app, hardware device, and recovery tools, with the app enabling customers to make bitcoin transactions through their mobile phones and the hardware device storing their assets offline. Bitkey's third key is stored on the company's servers and is used to verify transactions made by customers using only their phone and to recover their wallet if they lose their phone or device. The wallet is expected to be shipped in early 2024, and it will connect to Block's payments platform Cash App and crypto exchange Coinbase to facilitate buying and selling of BTC within the app.
Block Inc. Reports $2.4 Billion in Bitcoin Revenue for Q2 2023, a 34% YoY Increase
Block Inc., a payments company founded by Twitter co-founder Jack Dorsey, reported a 27% year-over-year increase in gross profit, reaching $1.87 billion in its second quarter 2023 results. The company's Q2 net revenue of $5.5 billion saw $2.4 billion coming from Bitcoin, which is a 34% increase in Bitcoin revenue compared to the same period in 2022. Block's Cash App business Bitcoin revenue stood at $1.16 billion, a 39% increase compared to the same period in 2022. The company's commitment to Bitcoin adoption is reflected in its popular mobile app, Cash App, which installed the Bitcoin "second-layer solution" the Lightning Network last year.
Jack Dorsey Willing to Partner with Coinbase CEO to Build Bitcoin Payments System
Jack Dorsey, the tech mogul, has expressed his willingness to collaborate with Coinbase CEO Brian Armstrong to create a Bitcoin payments system. Armstrong had earlier stated that there was a need for a global free and instant crypto payments system. Dorsey responded by suggesting that the focus should be on Bitcoin and layer-2 technologies, and expressed his gratitude towards Coinbase for introducing more people to Bitcoin than anyone else. He also emphasized the need for an open protocol for money transmission for the internet that is not controlled by a single individual, company, or government.
Coinbase Co-founder Brian Armstrong Announces Intent to Incorporate Lightning Network into Platform
Brian Armstrong, co-founder of Coinbase, has expressed his support for Bitcoin's progress and announced plans to incorporate Lightning into their platform. He refuted claims that Coinbase has ignored Bitcoin, stating that they have onboarded more people to Bitcoin than any other company. Armstrong's comments come amid criticism of Coinbase's alleged neglect of Bitcoin and its Layer 2 technology, Lightning Network, which promises faster and cheaper transactions. Former Twitter CEO Jack Dorsey responded to Armstrong's announcement, initially questioning Coinbase's focus on Bitcoin and Lightning, but later expressing willingness to collaborate. Dorsey reiterated the importance of an open protocol for money transmission, aligning with the philosophy of cryptocurrencies like Bitcoin.
Brian Armstrong And Jack Dorsey Discuss Bitcoin's Lightning Network Potential
Coinbase CEO Brian Armstrong and former Twitter CEO Jack Dorsey recently had a friendly conversation on Twitter about the potential and future of Bitcoin and its Layer-2 solution, the Lightning Network. The conversation highlights the growing interest in Layer-2 solutions for Bitcoin. Dorsey suggested that Coinbase should allocate more resources towards Bitcoin and Layer-2 technologies and promoted the concept of an open protocol for monetary transmission. The Lightning Network is a Layer-2 solution that addresses scalability concerns with Bitcoin by processing transactions outside of the main Bitcoin network, making transactions almost instant and essentially free.
The Fall from Grace of Jack Dorsey's Historic NFT: A Rollercoaster Journey in the Crypto World
Two years ago, Jack Dorsey turned the first-ever tweet into an NFT, which was sold for $2.9 million. However, the recent ground-floor bid for Dorsey's NFT is now only $1.14. The current owner of the NFT, Sina Estavi, intended to sell it for $48 million, but market dynamics have made this impossible.
Jack Dorsey's Block to Launch Complete Set of Bitcoin Mining Hardware and Software in 2024
Jack Dorsey, co-founder and former CEO of Twitter, has shifted his focus to the crypto world, specifically Bitcoin. He is also the CEO of Block (formerly Square), which recently integrated a crypto wallet within its Cash App and is now developing a new special hardware for mining Bitcoin.
