[ezaf]

CashApp made most of their money through Bitcoin and the exchange fees (something like 70% in 2021?). Additionally, they charge extra for instant transfers in and out of CashApp. I believe its 1.5%.

Lastly, they also make money by keeping the Cash in the CashApp/Square network. Since it is all within Block, they will not have to pay interchange fees when a customer pays with CashApp to a Square merchant.

[reducesuffering]

Lots of comments related to Block revenue wrt Bitcoin that needs some context. Block is making inflated revenue because they're legally required to report buying a Bitcoin for $49.5k and selling for $50k as $50k in revenue, even though their profit will be negligible. Since their bitcoin fees, their gross profit is a much better metric, as how many bitcoins they're skimming, adding to inflated revenue metrics, is meaningless.