Jack Dorsey didn’t stop at reinventing social media. After stepping away from Twitter (now X), he doubled down on something he’s long believed in—building an open, fair, and decentralized financial system.
That vision is embodied in Block, Inc. (formerly Square), a financial technology company that started with a small white card reader and grew into a global ecosystem powering payments, banking, and even Bitcoin development.
From Square to Block: The Birth of a Fintech Powerhouse
Block’s story began in 2009, when Dorsey teamed up with glassblower-turned-inventor Jim McKelvey to solve a simple problem: small merchants couldn’t easily accept credit card payments.
Their solution was a tiny, square-shaped reader that plugged into a smartphone. It was revolutionary. By 2011, the company—then called Square—was processing around $2 billion in annual payments and valued at $240 million.
In 2015, Square went public at $9 per share, raising its market cap to $2.9 billion. That same year, it launched Cash App, which would later become one of the most popular money apps in the U.S., rivaling Venmo and PayPal.
The company’s expansion over the next decade reflected a broader shift: from payment processing to full-spectrum financial services. In late 2021, Square rebranded as Block, Inc., signaling its evolution from a merchant tool into a diversified fintech and blockchain enterprise.
Inside Block, Inc.’s Ecosystem
Block now operates a family of businesses spanning traditional payments, personal finance, and decentralized tech. Here’s a look at its key divisions:
Square
Square remains the backbone of Block’s commercial services. It’s a point-of-sale and business management platform used by more than 4 million sellers worldwide.
Square’s software and hardware solutions let small businesses accept payments in-store and online, send invoices, manage appointments, handle payroll, and even launch digital storefronts—all from one platform.
Cash App
Launched in 2014, Cash App has grown into a near “super app” for personal finance. Users can send and receive money, invest in stocks or Bitcoin, get paid via direct deposit, and even file taxes—all from their phones.
By 2024, Cash App counted over 50 million active users, most of them in the United States. It also offers a debit card (“Cash Card”) and savings tools, blending fintech convenience with light banking functionality.
Spiral
Originally called Square Crypto, Spiral is Block’s open-source Bitcoin initiative. It provides grants—paid in BTC—to developers working on improving Bitcoin infrastructure, such as the Lightning Network, wallets, and privacy tools.
This division underscores Dorsey’s commitment to Bitcoin as the foundation for a decentralized, borderless financial system.
Tidal
In 2021, Block (then Square) acquired an 80% stake in Tidal, the artist-owned music streaming platform backed by Jay-Z. The move may have seemed unusual for a payments company, but Dorsey’s goal was clear: explore new ways for artists to get paid directly and fairly using fintech and blockchain tools.
TBD
One of Block’s most forward-looking projects, TBD is building open-source tools that connect crypto and traditional finance.
Its flagship project, tbDEX, launched in 2023, is a decentralized exchange protocol designed to bridge fiat and crypto without relying on middlemen. TBD is also working on decentralized identity systems—a crucial step toward making Web3 applications more secure and accessible.
Bitcoin at the Core
Jack Dorsey has been one of the most vocal corporate supporters of Bitcoin. He began experimenting with crypto payments as early as 2014, and by 2017, Block (then Square) had integrated Bitcoin trading into Cash App.
Since 2020, the company has held Bitcoin on its balance sheet—more than 8,000 BTC as of mid-2024. Dorsey has repeatedly said he views Bitcoin not as an investment, but as “the internet’s native currency.”
Block’s ongoing research and infrastructure projects, such as tbDEX and Spiral, show that commitment runs deep.
Why Block, Inc. Matters
Block isn’t just another fintech. It’s a blueprint for how technology companies can merge traditional finance with decentralized innovation.
By connecting tools like Cash App and Square to open protocols like Bitcoin and tbDEX, Block is building bridges between two worlds: the regulated financial system we know, and the permissionless one that’s emerging.
For small businesses, artists, and individuals alike, Block’s ecosystem represents a push toward financial empowerment—giving people more control over how they earn, spend, and save in a digital economy.
