Block to turn Cash App into full digital bank with stocks, ETFs and bitcoin
- —Cash App will add stock, ETF and bitcoin trading, loans and savings products
- —9.4 million users rely on Cash App as their primary bank, up 17% YoY
- —Block doubled its legal reserve for a possible DOJ settlement to $526 million
- —Some users still use the app only for occasional transfers, not banking
Why it matters: Block is trying to monetize Cash App's user base through investing and banking, but regulatory pressure and lawsuits remain the key risk.
Source: PANews