The Evolution of bitcoin in Square’s History

Six years ago, one of the biggest players in the payments industry, Jack Dorsey’s Square, later rebranded as Block, began supporting bitcoin. It was on November 14, 2017, when Square started allowing its customers to buy and sell bitcoin, amid the surge in the cryptocurrency’s price, reaching a high of $20,000 that year after the Block Size wars.

This groundbreaking move marked a pivotal chapter in the history of bitcoin finance, as the price of bitcoin has since increased by about 400%. Perhaps even more significantly, this pivotal event played a part in Jack Dorsey’s transformation from the co-founder and CEO of Twitter to an ardent advocate for bitcoin. His active involvement in bitcoin and public endorsements signify his strong belief in the transformative power of the technology.

Block’s Foray into bitcoin Projects

Today, Block is engaged in various bitcoin projects such as developing a commercial bitcoin hardware wallet and a decentralized exchange. These endeavors showcase the company’s commitment to advancing the adoption and use of bitcoin and other cryptocurrencies.

Square Cash Testing the Waters of bitcoin Support

The journey of Square, now Block, into bitcoin began quietly in 2017, when Square Cash conducted a trial of bitcoin support by allowing a select number of users to buy and sell bitcoin directly within the app. Confirmation of the trial came from the company, acknowledging the initial phase with a basic interface showing USD and BTC balances.

“We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here,” a Square representative said at the time.

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Interestingly, the trial focused on buying and selling, a departure from Square Cash’s conventional focus on money transfers. Now, Block conducts billions of dollars worth of bitcoin sales per quarter, with bitcoin forming a significant portion of the company’s revenue.

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By Team