Read in the Digest
- Bitcoin’s Place in Square’s Q3 Profits, Stock Prices of NerdWallet Jump 57% on IPO
- Justin Sun Pours $1.1 Billion to Grow the TRON Ecosystem
- Enjin Allocates $100 Million for Metaverse, Nvidia (NASDAQ:NVDA) at Historic $700 Billion Valuation Because of Metaverse Hype
- The Chinese Police Make First Arrest for CBDC Money Laundering
Bitcoin’s Place in Square’s Q3 Profits, Stock Price of NerdWallet Jumps 57% on IPO
On Thursday, November 4, Jack Dorsey’s Square reported that it recorded a 60% rise in third-quarter gross profits. For the quarter that ended September 30, 2021, Square posted a gross profit of $1.13 billion.
Square has in the past invested in Bitcoin, and it seemed to pay out in Q3 2021. Cash App, Square’s merchant checkout system and digital wallet solution, generated $1.82 billion in Bitcoin revenue, up 11% from a year earlier.
Personal finance firm NerdWallet joins Square with a strong rise in its share prices. In its stock market debut (via IPO), NerdWallet’s shares grew by over 57%, pushing the valuation of the fintech company to almost $1.5 billion.
NerdWallet (NRDS) was one of three companies that went public on Thursday, November 4. However, the skyrocketing stock prices of NerdWallet set it apart from Cadre Holdings (CDRE) and Arhaus (ARHS).
Flipsider:
- Despite a rise in its gross profits, Square’s quarterly revenue was lower-than-expected due to disappointing results in the cryptocurrency business.
Why You Should Care
Fintechs supported by cryptocurrencies are not only increasing in value but hold significant importance in the global economy.
Justin Sun Pours $1.1 Billion to Grow the TRON Ecosystem
Chinese American techpreneur and founder of the cryptocurrency platform TRON, Justin Sun, has pumped $1.1 billion into TRON to beef up the development of the ecosystem. Justin Sun Tweeted:
Our $1.1 billion fund will first support @danielesesta to build #occupydefi #peoplemaxi Frog Nation on #TRON and #BitTorrent chain! https://t.co/V7Nc80jhSt— Justin Sun