Bitcoin Drove ~50% of Cash App's Q4 Revenue

Plus news from Ripple, community contention in Ethereum, and a new Libra member

Happy Humpday, Blockfolians

The Lede

Holy mother of mainstream! According to Square’s just-released shareholder letter, nearly 50% of Cash App’s revenue last quarter. Clearly, there is some mainstream interest in this little crypto industry we have over here.

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Highly Relevant Reading

💸Ripple spends $11m+ with Moneygram | Ripple continues to invest heavily in its remittance business, spending more than $11 million with the global giant Moneygram (who they also have a 10% stake in). Big. Business.

🤬Ethereum’s ProgPoW debate grows | Representatives from Uniswap, Truffle Suite, Darma Capital and more have signed a petition trying to stop the protocol from implementing a contentious (theoretically) anti-ASIC update. This story feels far from over.

🤝Tagomi joins the Libra Association | Scooping its second new member in as many weeks, the Libra Association is showing some serious signs of life as it shifts from old world finance company to future-oriented finance and tech.

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Community Commentary

As the crypto markets take a bath, Luke points out that the key narrative isn’t safe haven, but uncorrelated asset

Luke Martin @VentureCoinist

Bitcoin has been UNCORRELATED to other asset classes. If stocks drop, this does not mean Bitcoin has to pump. If gold prices climb, this does not mean Bitcoin will rise with it everytime. Not negative or positive. UNcorrelated. Narratives will come & go.

February 26th 2020

107 Retweets439 Likes

This thread on the durable design of the Internet Protocol from Ali at A16Z is <chef’s kiss>

Ali Yahya @ali01

It is mindblowing that roughly the same protocol design for the Internet Protocol (IP) has taken the internet from nothing to ~15B connected devices and has survived for 40 years through the period of fastest technological change in history. What lessons can we draw? A thread 👇

February 14th 2020

626 Retweets2,467 Likes

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A Really Big Number You Should Be Paying Attention To

$178,000,000

That’s the amount that regular folks like you and me spent on bitcoin via Cash App last quarter. YUP, WE’RE STILL TALKING ABOUT IT BECAUSE IT’S A BIG DEAL.

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Final Thought

The secret of the bitcoin emoji REVEALED!😂

Nathaniel Whittemore @nlw

WOW. #Bitcoin apparently drove nearly HALF of @CashApp revenue in Q4! $178m of $361. No *WONDER* we're getting #BTC emojis! 😂

February 26th 2020

15 Retweets108 Likes