San Francisco-based Square, a financial services and mobile payments company, recently changed its name to Block Inc. renamed. The company sells several software and hardware products and has become a service provider for small businesses and individuals. Readers for credit card payments and a cash app are products the company sells, among others. Since 2018, the company, which was founded in 2009, has also bought and in some cases resold startups in other industries, such as a food delivery service and music streaming provider Tidal.
As early as mid-2021, CEO Jack Dorsey, who also founded Twitter, announced the development of a platform for decentralized financial services based on Bitcoin. On December 10, 2021 Square, Inc. Finally, in Block, Inc. renamed. Not only has Square’s Cash app long offered cryptocurrency trading, but the company itself is investing in Bitcoin. However, Square has not only already invested more than $200 million directly in cryptocurrency, but is now planning its own solar-powered bitcoin mining facility.
The correction on the markets did not stop at Square and caused a sell-off. The stock, which hit a high of $290 as recently as August, now fell sharply over the fall. It is now trading below $160. The fall in the share price was caused, among other things, by the business figures at the beginning of November, which fell short of analysts‘ expectations. However, with the company’s future-oriented approach, one can hope for a recovery of the share price in the near future.
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