Cash App is only available in the US and UK. It targets households earning <$150K. In Q2 Cash App did 4B in revenue. Monetization rate
was up 9 bps YOY due to Cash App borrow. 

Users are effectively paying 65% APR for these loans. Compare that to the borrow rate of your favorite lend/borrow protocol. 

"...on average, a Borrow loan is less than $100 and one month in duration, which is much smaller and shorter-term than what a typical bank can offer...has resonated well with our customer base, with more than $2 billion in originations in the second quarter, up nearly 3x year over year."

These are undercollaterized loans but can't help but think crypto rails would enable Cash App to reach a global audience AND drive these borrow rates down for consumers.

Coinbase reported 8M monthly transacting users (MTU) in their Q2 2024 earnings. Base has ~23M MTU (h/t GrowThePie). 

Yes a verified user != a transacting address, and yes a verified user doesn't monetize the same way as a transacting address. 

But the key insight here is, by going onchain, Base is helping Coinbase reach an audience it wasn't able to reach before, either due to regulatory or operational reasons. 

This playbook can be applied to any corporation looking to expand the reach of their product.

Contributing to OP Labs. Come join me on the track if you’re in /austin @ atxsprint.club

tldr - Crypto is global - you're able to reach a monetizable audience at a lower cac. This should be the tip of the spear when pitching companies and builders to build onchain.