Cash App started as just an idea back in 2013. A lot of people think it was a hack week project, but it was actually a small, cordoned-off project really focused on building a low-cost payment network. Since then, we've been busy building, transforming Cash App from a simple peer-to-peer app into a full-fledged finance ecosystem, introducing Cash App Card, investing, direct deposit, Bitcoin, Afterpay, and more. Throughout those 12 years, our mission has always been the same: to redefine the world's relationship with money by making it more relatable, instantly available, and universally accessible. At this point, I'd like to say we're well on our way. Since Cash App's inception, we've moved over $5 trillion on behalf of our customers. Our customers are the ones who need the financial system to work for them the most, but they're too frequently left out. Cash App has played a major role helping customers participate in the economy, with millions buying stocks and Bitcoin for the first time, getting a loan when they need it, or turning on roundups to save just a little bit every day. From where we stand now, it's clear that money is fundamentally changing, and our customers are driving that change, asking more from their financial institutions, questioning the status quo, rejecting legacy systems, frankly, demanding a new shape of money that reflects how they participate in the modern economy, how they send, spend, save, invest, borrow, file, and more. That's where we come in. We believe that Cash App and our unique set of capabilities can do a better job serving customers, in particular serving members of the next generation. When we think about our development process, we see our development across a few different categories that we'll walk through today. The first is flexibility. The second is access for customers. The third is driving connections. The last is freedom. We believe Cash App is set to be the money app for the next generation, and we'll continue to invest across flexibility, access, connection, and freedom to help redefine tens of millions of customers' relationship with money. That brings us to today, our first-ever Cash Releases event, one which I hope is the first of many. We have so much to go through, so let's jump in. We work. Nine. Five. We work nine five. We work. Five. Five. Nine. We dance. Let's start by talking about flexibility, because banking has not kept pace with the rate of change in our customers. For the last 40 years, direct deposit has been the North Star for so much of our industry. For most traditional banks, where someone deposits their paycheck is the number one signal of a primary bank. Direct depositors get better benefits, lower rates, and awesome banking benefits. The modern economy is changing, and our customers are leading that change. Today, close to 40% of our customers don't receive their income via direct deposit or traditional W-2 employment. They're gig workers, freelancers, content creators, or even micro-business owners who turned that side project into income. We call them the independent earners, and they're redefining how money is made in the new economy. While they were once the edge case, this population are quickly becoming the powerhouses of the U.S. economy, together representing 125 million people in the U.S. alone. About four months ago, we set out to design a banking program built entirely around the changing behaviors of the next generation, one that supports all the different ways that people earn, one that covers you in the ups and downs of variable income, and one that when, if you're cooking one month and the next month you're light, we're going to be sure to cover you, and one that ensures that more jobs does not mean more hassle. It's simple, flexible, and we call it Cash App Green. Cash App Green is our new status program that gives you access to the best of Cash App in a more flexible way. Simply spend $500 a month on your Cash App Card or deposit your paycheck with us. That's going to give you access to all these amazing banking benefits, like custom offers, higher Borrow limits, $200 of free overdraft, higher savings yield, priority phone support, and much, much more. Green is the culmination of really trying to spend time defining what primary banking means to our customers, then create an amazing program on the real needs of the next generation. Right, let me give you a quick demo of how this all works. First, you'll notice this completely redesigned Money tab. Not only does it look super crispy, it's a dramatic simplification. Getting back to those Cash App design roots, pure, as Owen often describes it. We've streamlined our core tabs, and then most importantly, built this really clear relationship between the card, a balance, and your banking features, adding that little sizzle with the personalized card. A customer can then tap into that promotion to Cash App Green and learn more about how they progress towards status. Like I said earlier, we've doubled down on benefits that actually help customers make their money go further, not giving pennies of cash back or oversubscribed airport lounges. It's personalized card offers, higher borrow limits, and our focus on fees. When ready, all you need to do is make Cash App Card your main card and just spend like normal. What's cool is it's super easy to track your progress towards green status. No hoops to jump through. It just starts adding up. We show that progress directly on the money tab. Now let's imagine I'm spending towards that $500 threshold. When you reach green, you'll see this nice unboxing moment. We will continue to reinforce the value of these benefits and make it really clear where you stand in our benefits hub. You see what you get, and most importantly, how you get there. We've also done a ton of work to seed the value of green across every possible touchpoint in the app. Let me give you two quick examples with offers and overdrafts. Our offers are based entirely on your spending habits. The offers tab reinforces that and shows you how much you've actually saved by using Cash App Green, just up top there. We can dig into overdrafts and something we're doing there as well. This is my final example on green. Now let's imagine you've overspent a little bit at Walmart and dipped into your overdraft coverage. We then go into that receipt, and we're going to reinforce how Green helped a customer. We've done this for every benefit across Cash App Green. If you're not in status, we will upsell you to show you what you're missing by not being a Green member. That's a quick demo of Cash App Green, a more flexible banking program designed for the next generation of earners. As it stands today, we have more than 8 million customers who've earned green status. That's as of October. That's up from just a couple million customers if you go back a few years ago. To me, this is a reflection of just how deeply our customers rely on Cash App to run their daily life. Going forward, we expect this number to grow massively as green rewards more and more customers for choosing Cash App as their primary banking platform. There are really four reasons that I'm so excited about green. The first is that finally our benefits suite is actually branded. We called it something, Cash App Green, so we can actually talk about it with customers, adding a ton of clarity. Second, there's a little bit of gamification when you're going around spending and you're seeing that progress bar increase. We think this will help bring Cash App Card top of wallet for more and more customers. Third, probably most importantly, is that there's multiple entry points to gain status now. It's not the case that you have to get your direct deposit into Cash App. You can now also earn just through spending on your card. Fourth, probably the most meaningful for many of our customers, is the flexible credit access for eligible customers. For those who are eligible, we're increasing access and we're expanding limits for some of our products that have the greatest product-market fit. Ultimately, I think what we're doing here is building banking that just moves with the shape of our customers. It's banking that works how you would expect it to work, how it should work. I couldn't be more excited to see what all of you have to say about it in the coming days as we continue to roll out. Let's talk about pillar number two. This brings us to access. Increasing access is at the heart of everything that we do at Cash App and at Block more broadly. Right now in the U.S., about 100 million individuals are unfairly left out of the traditional credit market. This is either because they have subprime credit, their credit is unscorable, or their credit is invisible. We believe that Cash App is the solution to this problem. Everything that we've been doing across Cash App Borrow and Afterpay is aimed at fundamentally fixing how consumer credit works in the U.S., completely reimagining the consumer credit system. We see that what we're doing is really resonating with customers. They're telling us how critical our products are in their daily lives. We see millions of actives relying on Borrow and relying on Afterpay to smooth out their cash flows in between paychecks. To date, we've extended more than $100 billion to customers across both Borrow and Afterpay. We're excited for some more major announcements across both Borrow and Afterpay today. First, as Cam mentioned, we're expanding access to Borrow and increasing borrow limits with Cash App Green for eligible customers. I can walk through a quick demo here and show you what it feels like if you're a customer. You get a push notification saying, "Hey, Owen, your borrow limit increased." You tap on the Borrow button, select the amount you want to borrow, review the terms, tap Next, select how you want to repay, and in a matter of seconds, you've borrowed an increased amount. This is massive for customers who rely on Cash App to smooth over their cash flows in between paychecks. Second, we've made a ton of progress on Afterpay checkout and checkout unification in between Afterpay and Cash App. Now customers can check out with Afterpay using their Cash App to verify the transaction. This is a huge step forward for a simple and seamless customer experience. Let's say you wanted to buy these beautiful, incredible shoes here on the screen. You go through the checkout process, scroll down, add them to your cart. You can see that you can pay with Afterpay, and it has the Cash App branding. You tap on Checkout, you select Afterpay, hit Continue, and we'll actually deep link you into Cash App so that you can log in, authenticate, verify the transaction. You can look at the details of the transaction before advancing, hit Confirm. Just like that, you're good to go, and you've made your transaction. Third, we've been scaling Afterpay massively since the summer. Customers could already choose to use Afterpay for in-network payments ahead of time. Now customers can split up a payment and pay over time for a purchase that they made on Cash App Card. We're increasing the universe of potential payments that can be paid over time and giving customers more flexibility to manage their cash flows. Let's see how it works. You can go into Activity and look for eligible purchases. In this case, the T-Mobile bill, $129 is eligible for pay over time. You can tap into that receipt, see that pay over time is available, hit Get Started. Learn more about pay over time with Afterpay, review the terms of the Buy Now, Pay Later transaction, hit Continue. Just like that, you've split that payment into four, and 75% of that original transaction will land back in your balance on the money tab, just like that. The last demo to go through here is really bringing these two experiences I just talked about more cleanly together. We've redesigned a unified Afterpay applet within Cash App. This massively increases clarity for our customers, and it puts everything related to Buy Now, Pay Later in one easy-to-find, easy-to-use space. You can see here, if you're on the money tab and you scroll down to your Afterpay applet, first, you can see the transparent payment schedule at the top with everything that you owe in the future, including potentially multiple payments. You can see all of your transactions that are eligible for pay over time from the Cash App Card. Last, you can see merchants that are eligible for in-network payments to make an Afterpay purchase. This is meaningfully unifying several features that we've been rolling out and been testing with customers, and we think that it's an awesome improvement for our customers. There are a few key things that are driving our ability to do all of that that I just talked about. The first is our ability to do real-time underwriting on our proprietary data. We have an internal credit score that we use that allows us to underwrite a greater share of the U.S. population relative to legacy institutions that rely on things like credit scores. Second, it's our commitment to how we want to lend. We don't want our customers to get stuck into revolving credit lines. All of these are non-revolving. If you don't pay back a Borrow loan or you don't pay back an Afterpay loan, you can't take out another loan. That just works way better for customers. Third, it's our commitment to either low fees or no fees and transparency in everything that we do. This is really how consumer lending should be. In my view, this is credit that sees you, and this is credit that sees your real value. It's time to talk about connection because money really is a shared experience, and Cash App runs on it. Whether it's between people, businesses, or communities, connection is the backbone of our product. It's why almost every customer uses P2P and why people with more connections are more engaged, retained, and deeper advocates of Cash App. For the first 12 years of Cash, those experiences were predominantly one-to-one, sending money from me to you. This wasn't until a few months ago when we launched Pools. Pools is our first multiplayer money experience where friends can collect money together towards a shared goal. Picture pooling for a friend's giving potluck or Christmas gift for an aunt. You simply add an amount, a name, and the friends you want to be in your pool. They can then contribute to that pool in a super simple way, reaching your goal together. It's more in line with how the next generation thinks about managing shared expenses. What's great is your friends don't even need Cash App to contribute. Since launch, we haven't slowed down. We've added Teams access, credit card support, notifications, lifecycle comms. We fixed short links, made it easier to share. We've improved out-of-network payments. We launched a marketing campaign and fun goal animations. Now we're rolling out contributor comments. What's really cool, though, is you're using it. In the first 100 days, we've had 1.7 million pools created on Cash App. What's interesting is 19% of those contributors are from first-time connections. We've still got a long way to go, though, so please keep the feedback coming. That was just the start, though. Since we declared the network is our top priority, we've shipped over 40 improvements to our core network products. A couple of my personal faves are a revamped search, making it much easier to find your friends, even if you're as typo-prone as I am, or teens getting access to higher savings yield. We're going to continue to sweat the small stuff as well as launching big new updates. On the topic of big new things, first up is our core payments flow. On the left there is a screen grab from Owen's history site earlier, maybe circa 2015. On the right there was what it was until basically yesterday. We think it's time for a refresh. Over the coming months, we'll be testing a new core payments flow based on all the customer feedback we've heard over the years. The simplified experience focuses on clarity of a transaction. Rather than jamming everything into one screen, customers build a payment with confidence and trust designed around the ergonomics of the keyboard. You add an amount, a friend, and a purpose, and it's done. It's easy then to edit any part of this payment just by tapping in, for example, making this note sound a little bit cooler here. If you want to, you can quickly style that payment to make the moment memorable. We've refreshed the entire library of backgrounds and stickers. Similar to our cards, we want to make payments really fun to build and also to send. You know, like maybe adding some milk to this bad boy here, right? Once my masterpiece is done, I just tap Send, and I can't wait to see what customers think about this. This is all pretty incredible, especially the milk. This is great. I think we're really only starting to scratch the surface here in terms of how we think about personalization and how we think about new social primitives that we can build. What we want is for Cash App and your Cash App Card to truly feel one of one, to reflect who you are, who our customers are, how they transact, what they need. We want to make your money more relatable. There is one more thing to talk about in the connection section that we're going to be launching today. We have also built stablecoin functionality into the new peer-to-peer flow that Cam and I just walked through. Fundamentally, we do believe that Bitcoin is a better form of money, and we're mostly focused there. If our customers want to transact in stablecoins, which is basically a digital form of the dollar for those who do not know, we are happy to meet them where they are. Critically, our approach to this is quite unique. Let us walk through how it works in the core payment flow. You type in, I think this is $500 for a surfing trip with Miles. You tap Pay. Instead of entering in a cashtag or a phone number, you can actually paste in a stablecoin address. You paste in that address. You type in your note for what this is for. There is your surf trip. Hit Continue. Your funding list from, let us say, Cash Balance. Hit Pay. Just like that, the transaction is done. You can go into the receipt, and you can see all the payment details. You can go into Block Explorer, and you can confirm that everything happened how it should. Now, let's talk about the final pillar. This is where we'll talk about Bitcoin and what we believe truly is freedom money. It's not clear that every customer will want to transact in stablecoins, but we do know that we have strong demand for customers to engage with Bitcoin. Deep down at Block, we believe that Bitcoin is a fundamentally better form of money because it's decentralized, because it's inherently deflationary, and because it's censorship resistant. To date, more than 20 million accounts on Cash App have bought Bitcoin. We've always been focused on making that experience simple, accessible, and cheap. Over the past decade or so, we've had the opportunity to introduce millions and millions of Americans to Bitcoin. We were actually the first public company to launch Bitcoin buy-sell all the way back in 2017. It's not just the hardcore Bitcoiners who care about this, as you might think. It's members of the next generation. It's customers from all geographies. It's customers from all walks of life. Increasingly, we believe and we hope that it will be everybody. First, we made it incredibly easy to buy and sell Bitcoin on Cash App. We made it incredibly easy to get paid in Bitcoin on Cash App by receiving a direct deposit and converting those funds into Bitcoin for no fee and for no spread. Now, as of this week, we are making it incredibly easy to spend your Bitcoin. Here's a quick demo of what it looks like. If you're in Cash App and you go into the Bitcoin applet, you can pull up a map. That map will show all sellers, including Square sellers—by the way, Cash App and Square are part of the same company—including Square sellers who accept Bitcoin as payment. You can tap on Pay, identify a merchant where you want to spend money, tap on Pay for Pink Owl Coffee. We'll pull up a native QR code scanner. You can then scan the QR code, confirm and send, and just like that, you've bought your cappuccino or your latte for $5, but you've done it on Bitcoin rails. Now, money has taken a bunch of different forms over time, from barter to precious metal to paper bills to debit and credit cards, and now, increasingly this week, to Bitcoin. It is not the case that every single customer who holds Bitcoin will want to spend that Bitcoin. That is why today I'm excited to launch and I'm excited to announce Bitcoin payments on USD. This is a complete paradigm shift where we can now transfer value from a Cash App consumer to a Square seller on Bitcoin rails, but using dollars to start and using dollars to finish, therefore strengthening the Bitcoin network. Here's how it works. A given customer can scan a QR code. This is a Bitcoin QR code. And then they have the choice here. They can select, how would you like to fund this transaction? You can either fund this from your Bitcoin balance if you want to spend your Bitcoin, or you can fund this from your cash balance. This is a completely new paradigm. If a customer chooses to fund this from their Cash balance, we will instantly buy Bitcoin on the customer's behalf for no fee and no spread. We will transfer that Bitcoin to a seller on Lightning rails, on Bitcoin rails, and then we will instantly sell that Bitcoin for no fee and no spread, resulting in a dollar balance for the seller. We are really, really excited about our ability to allow customers to transact on Bitcoin rails without necessarily having to spend their Bitcoin. Let's go. Honestly, we have so much more to build for the Bitcoin community. We are really working to regain our place as the number one place to buy and sell Bitcoin in the U.S. There is a ton that we are exploring right now, from free auto invest to free buys for Bitkey to a holistic revamp of our pricing structure and how we go to market, from map bounties to map quests. There is so much that we have in the hopper, and we are dedicated to making Bitcoin everyday money. We think that this week was a massive, massive step forward in that regard. Okay, that was a staggering amount of work to showcase, and I'm obviously so stoked by everything we built. We really, really hope customers love it as much as we do. I feel like we need a little interlude, but we're not done yet because there's a few more things to go through because products are shaped by so much more than the features in them. It's the trust you place in them and the way you interact with them that can be even more important than the capabilities they provide. That starts with safety because we are in a new era with new vulnerabilities. Every day, millions of Americans use their phone to send money, make purchases, and manage their finances online. Yet sadly, thousands of people fall victim to financial crime and fraud. Each victim matters. This is personal to us and everyone who works at Cash App. Just three. Is that we're thinking about things as it comes to building trust with our customers. Ultimately, Cash App is on this journey from what used to be a simple peer-to-peer app into what's now a full-fledged financial platform that can allow a customer to run their financial life. The level of trust that's required in order to cross that chasm is much higher. There are three key areas that we're focused on. The first is proactive protection. The second is customer-controlled security. The third is fair resolution if anything ever does come up. On the first point, we're constantly using AI and machine learning models in real time to prevent and detect fraud, scams, and inauthentic behavior. We have real-time machine learning models that are—we have real-time machine learning checkpoints in all of our core transaction flows that are monitoring all activity on Cash App and stopping bad actors in their tracks. We tune these systems weekly, daily, even hourly in some cases to always stay one step ahead. On the scams reimbursement side, we rolled out a scams reimbursement program not too long ago that we believe to be world-class and industry-leading. If we do not detect a potential scam and warn a customer about it, then we will reimburse a customer who experiences a peer-to-peer scam up to $250. Since launch, we've prevented over $2 billion in potential peer-to-peer scams on behalf of our customers. Now we're actually measuring our confirmed scam rate on Cash App in parts per million because we've done such a good job. At this point, 99.99% of all peer-to-peer sends are safe. In other words, are not confirmed scams. That is a massive, massive achievement. Just yet another way that Cash App is leading the industry towards building trust with all customers. We're also increasingly giving our customers more control, more control of their security, and more control of their safety. We have features like card lock and PIN entry, biometrics for authentication, security lock, trusted contacts, recipient confirmations. The list goes on. All of these features were built to give customers more agency so that they can help keep their money safe and secure. All of this exists for all Cash App customers. It's a robust system that builds trust with our customer base because we do know that there's that gap in the necessary trust as you go from using us just for peer-to-peer payments to really relying on us as your primary banking platform. We've been investing alongside all of the features and all of the products that we've announced today to make sure that all of our customers are well looked after as they engage with our products. Over and above everything that I've been talking about, there are particular controls and particular features that we are rolling out that are specific to teen accounts. We recognize the vital role that parents and guardians play in helping their teens build financial independence. We're working to give more controls to parents and guardians. This includes limiting access to certain features for teen accounts, setting spending limits for teen accounts, creating an approve list for peer-to-peer, instant notifications anytime a teen transacts, and so much more. We'll take a quick look at what this allow list or approve list looks like here. Emma needs approval from her parent or guardian in order for this payment to go through. The parent or guardian will get that push notification. It will take them into Cash App where they can see who the payment is from, what it's for. They can approve that payment, and then automatically they have the option to then approve that individual to be on the allow list for their teen account. It's features like these that are going to continue to ensure that teens and families are safe and well protected while they're using Cash App. As I said, trust is absolutely critical to our success when we think about serving that role of the primary banking platform for our customers. We're focused on protecting our customers, and we're focused on protecting what our customers really care about. We're going to continue to invest deeply in building trust as we roll out more and more products and features. Okay. Last but certainly not least is intelligence. We all know that AI is the single most transformative technology of our time. It's reshaping how people interact with the world, and for the next generation, it's becoming the default way of getting things done. Over 70% of Gen Z says they couldn't last a week without it. They're asking questions, solving problems, and making decisions through conversation. It is no surprise that AI is central to our future at Cash App. What puts us at a unique strategic advantage in this space? It is our deep understanding of customers and the unique set of capabilities that have powered that relationship over the last 12 years: your financial goals, your network, the trust we ensure behind every single transaction. Money is a serious business, and our customers deserve intelligence that helps them make the most of it. It's time to introduce you all to Moneybot. I like when they do it, let loose. One jump, stick landing. I'm over being complacent. One jump, who's left standing? Meteor Loco. Meteor Loco. Meteor Loco. Going up crazy, moving to the tempo. Meteor Loco. Meteor Loco. Going up crazy, moving to the tempo. Moneybot is your always-on assistant that helps you manage your money with clarity and confidence. It brings the accessibility and ease of AI directly into Cash App, helping customers understand and navigate the complex world of money. It learns, it adapts, and it connects the dots between how you spend, save, and invest. Let me give you a quick tour. First up, you'll see Moneybot here in our bottom nav, this friendly little icon that invites intrigue. When a customer taps in, we analyze their money movements and reflect that back to them. Moneybot greets you and proactively suggests prompts based on your activity. One of the hardest parts of money is knowing the right questions to ask. With Moneybot, every time you open the app, we pair an insight with a suggested action, all AI-generated. This one up top looks interesting. My spending's down. Let's tap into that and see what happens. Moneybot generates a graph in real time showing my spending forecast. It clearly explains what's happened with my money and why. The most important thing is that it keeps prompting a customer on the next best action. Right, so I'm keen to move this to my rainy day fund. Moneybot then gets to work in an agentic way, completing the flow on your behalf. Not using AI before, this flow took about nine taps. That's valuable time back to our customers. One thing to note is a customer will always confirm the money movement. We take out as many steps as possible, but the final action is always in your control. We're done. Demo one. Okay. Demo two, let's imagine we've gone out for an awesome dinner with a friend, and then I come back to Moneybot and it's responded to that recent dinner transaction suggesting I might want to split the bill up there. I tap it and we're off. I type in, I want to split it with Danks, but I will cover the tip. It does the math on my behalf, finds the person it thinks is Danks, and of course completes as much of that flow as it thinks is possible. This looks good, right? I'm going to tap that action card and then using those core payment primitives, I'll confirm the details of the money movement and bam, that request was just sent to Danks. I think that's a pretty beautiful way to split the bill in the future. Then my final demo. You could all play around with Moneybot for yourself over there shortly. It starts with a pretty common question. How's my portfolio doing compared to the S&P 500? It generates a graph in real time and presents that insight back to you. One problem our customers run into is forecasting cash flow across multiple income streams. Let's try that there. We asked Moneybot to look across all my income and help me understand how much I can set aside each month after expenses. Moneybot responds, giving me a clear overview and keeps me moving forward by suggesting the next prompt, automating my income. I tap into that action card and Moneybot gets to work on building an automation to distribute my income. This means my extra cash gets saved, invested, and put in Bitcoin every time it comes in. It's done and it works, right? I think that was pretty quick to do that. It pulled a bunch of data from my account. It analyzed the market. It made it relevant to me and it helped me automate more of my financial life in just a few steps. When we set out to create Moneybot, we wanted it to do three things really, really well. The first is personalization. Moneybot knows you and your money from the way it greets you to the guidance it offers and how it responds. Every interaction is one of one. Because of our rich data set, we understand your finances in a way that no other AI can. That allows us to shape the experience around you and how you want to manage your money. The second is proactive prompts and actions. A big challenge with AI is often knowing the right questions to ask. Moneybot changes that. Keeping a pulse on what's happening in real time and surfacing prompts and actions based on the shape of your money. We are not read-only. We can complete flows on your behalf and give you serious time back in an agentic way, helping you stay aware, stay confident, and stay one step ahead of your money. Third, it's just sweating the details. Every detail is deliberate, not just the big features, but the small moments in between. That's what helps build trust and empathy. We tested a variety of LLMs to ensure Moneybot is lightning fast. This all adds up to make Moneybot feel alive and responsive to your customer needs. This is really just the beginning. Moneybot is just the beginning of inventing on the interface for us. At Investor Day next week, we're going to share way more on how Moneybot is evolving. We think that it can evolve into the default way to experience Cash App. We think that Moneybot will be powered by memory, proactive intelligence, personal and proprietary data that only we have because we're helping millions of customers run their day-to-day financial lives. We think it'll be powered by generative on-the-fly UI, some of which you saw today, and an always-on understanding of your money. Money might be changing for our customers, but we believe the future of it should be shaped by you. It's not one thing, it's your thing. A financial operating system built for the next generation, and now with a layer of intelligence across all of your money moves. That is Cash App. Thank you.