Block, led by Jack Dorsey, announced plans to transform its Cash App into a full-service digital bank. The expansion will introduce stock and ETF trading, short-term loans, high-yield savings accounts, and custom debit cards alongside existing Bitcoin services, aiming to boost user activity and retention. Cash App currently serves 9.4 million users who rely on it as their primary banking tool, representing a 17% year-over-year increase. Despite this growth, the platform faces stagnant overall user acquisition and significant compliance challenges. Block disclosed in August that it doubled its legal reserve to $526 million for a potential settlement related to a multi-year U.S. Department of Justice investigation. Multiple lawsuits have alleged that criminals used the platform for fraud, identity theft, and money laundering.