Jack Dorsey’s Bitcoin Company is on its way to becoming the largest bank in the United States

Things are moving in the right direction with CEO and Founder Jack Dorsey’s Block. Block is a popular payment company in the United States that became a true bitcoin company due to Jack Dorsey’s passion for bitcoin. It now looks set to become the largest bank-like financial institution in the United States.

Most account holders of all

Vinod Khosla posted a Wall Street Journal (WSJ) article on Twitter, captioning that Block is on track to become the largest bank-like institution in the United States by number of account holders.

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Block CEO Jack Dorsey answered in his own way with a simple “yes”. With their credits at Block, users can purchase various financial assets. Including stocks, but also bitcoin.

The good thing about Block is that it does not support other cryptocurrencies. Block is therefore a pure bitcoin institution when it comes to crypto. A strategy that we as Bitcoin Magazine can agree with. The fact that Block is doing well is therefore a positive development for bitcoin.

Block and Bitcoin

The advantage of Block is that it is also possible for users of the Cash app to use the Lightning Network. For example, app users can deposit and withdraw bitcoins almost for free through the Lightning Network. In that sense, Block is a key candidate to take Lightning Network adoption to the next level.

The more customers Block gets, the more likely people are to play with the Lightning Network as well and find out how easy it is these days to pay with bitcoins that way. Ultimately, these types of businesses are needed to bring bitcoin to the masses.

In addition to the Lightning Network, Block is also developing its own hardware wallet, decentralized trading platform, own bitcoin miner, and many other cool bitcoin projects. Of course, Block also has over a hundred million dollars worth of bitcoins on its balance sheet, which overall comes pretty close to MicroStrategy’s status as a bitcoin company.