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Crypto Corner Podcast 783: Stocks discussed: (NasdaqGS: EBAY) (NYSE: SQ) (TSXV: BLOK)

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 Newswire) 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.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2022/022822-CryptoMarket.mp3

Crypto Corner Podcast 783: Stocks discussed: (NasdaqGS: EBAY) (NYSE: SQ) (TSXV: BLOK)

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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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