Square is a fintech company co-founded by Twitter CEO Jack Dorsey and Jim Mckelvey in 2009. The name comes from the company’s square shaped card readers. But before that, Dorsey said that the company was almost named “Squirrel” because the card reader dongle was made of wood and shaped like an acorn!
Square mainly has 2 products: –
- Square Point-of-Sales options, which lets businesses effectively manage their receipts from customers. There is also the Square PoS app which lets businesses receive payments from customers through the app or the Square website.
- The Cash App, which is basically a peer to peer cash transfer app. The service allows users to request and transfer money to another Cash account via its Cash App or email. You could send or receive cash from other users using their usernames which are called $cashtag. Then there is the Cash Card for making all types of electronic purchases. Starting from 2017, Square allowed its users to buy bitcoin and in 2020, the ability to buy stocks was added to the Cash App.
- In Q4 2020, Square bought a total of 8,027 bitcoins for a something around $220 million, Now it is worth over $400 million! Jack Dorsey has always been vocal about his support for bitcoin.
- In February 2021, Jack Dorsey and Rapper Jay-Z created an endowment called ₿trust to fund bitcoin development initially in Africa and India.
- This week, Square agreed to buy a majority stake in rapper Jay-Z’s Tidal music streaming service for $297 million.
- Square launched its own banking division named Square Financial Services chartered in Utah. It will allow Square to focus on offering business loan and deposit products.