Cryptocurrency firm Block managed to enter the Fortune 500 winners list this year despite the fluctuations in the industry.
This year’s cryptocurrency market crash has taken a toll on many companies. While the majority of firms experienced declines in valuations and revenue, some were on the verge of bankruptcy. However, while some crypto assets are waiting for possible improvements in the market, technological developments continue in this turbulent environment. As an example, the payment platform Block Inc. appeared as one of the top earners in the 2022 Forbes 500 list.
Bitcoin (BTC) Price Drop Failed To Block The Block
Block Inc., ranked 208th on the Forbes 500 list. It has increased by 115 places. Interestingly, Block saw an 86% increase in revenue and a 22% drop in profits. However, it should not be forgotten that profits and increases are determined according to the same period of the previous year.
The negative course of Bitcoin affected its profits, but did not prevent it, as Block made most of its profits from payments with Bitcoin. Connecting this situation to the uncertain situation of the market, Block founder Jack Dorsey stated the following in his statement:
“The year-over-year decline in Bitcoin revenue and gross profit was primarily driven by consumer demand and Bitcoin’s price decline. The volatility of Bitcoin throughout the quarter and the uncertainty in crypto assets triggered this situation.”
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