Many cryptocurrency projects have struggled to achieve mainstream relevancy due to a variety of challenges. One of the biggest has been an unfriendly regulatory environment.
That's slowly changing under the current administration. We're now seeing more interest in getting crypto-backed solutions to market, with newly proposed regulatory frameworks clearing the path toward mainstream adoption.
This should be great news for certain crypto tokens, including one growth stock.
NYSE: XYZ
Key Data Points
Block stock is one of the best ways to bet on crypto
Want to bet on crypto by purchasing stocks that will benefit from crypto's rise? Look no further than Block (XYZ 3.11%). Ark Invest CEO Cathie Wood has owned shares since 2016.
Founded in 2009 by Jack Dorsey, Block was originally named Square. The goal of the start-up was simple: make it easier for merchants of all sizes to accept mobile payments. While there is more competition today than there was when the company was first founded, more than 4 million sellers still use Square's payment system. You've likely used one yourself, potentially when buying something at a farmer's market or local restaurant.
Image source: Getty Images.
Why did Square change its name to Block? To represent its shift in focus toward blockchain technologies. "We built the Square brand for our Seller business, which is where it belongs," Dorsey explained in 2021 when the name change occurred. "Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy."
Today, merchants and buyers using Block's payment networks can transact in several cryptocurrencies like Bitcoin. Consumers can even buy crypto directly for themselves using the company's Cash App. Block even owns more than 8,000 BTC directly in its corporate treasury.
Block is one of the few publicly traded stocks with a strong focus on the crypto economy. With easing regulations, shares look promising for growth investors bullish on crypto.
