Block, Inc., formerly known as Square and founded by Jack Dorsey, is a financial technology company deeply connected to the Bitcoin industry through its various subsidiaries. From payments apps to bitcoin mining hardware, open source software development, decentralized finance protocols, and self-custody hardware wallets, Block Inc. has a wide range of companies advancing Bitcoin adoption.
One of the most notable subsidiaries of Block is Cash App, a consumer-focused digital wallet with over 57 million active users. Cash App allows for person-to-person payments, debit cards, stock trading, tax filing, and most importantly, Bitcoin trading. With $10 billion in bitcoin-sourced revenue in 2024, Cash App has played a significant role in mainstreaming Bitcoin payments. The app has also integrated the Lightning Network, Bitcoin’s payments network, demonstrating Bitcoin’s potential as everyday money.
Another key company under Block is Square, a point-of-sale system that enables merchants to accept card payments and manage operations like inventory and payroll. Square recently rolled out Bitcoin payments for merchants, allowing them to seamlessly accept bitcoin via its POS hardware. This move marks a major milestone in integrating Bitcoin into retail payment systems, making it easier for businesses to use bitcoin as a medium of exchange.
Bitkey, a hardware wallet product launched by Block, focuses on self-custody and individual liberty through censorship resistance. The device uses multisignature technology to decentralize the passwords needed to move bitcoin, ensuring security and privacy. Unlike other hardware wallets, Bitkey hides key material from the user, providing various tools for secure storage and recovery. This innovative approach to self-custody aims to make bitcoin accessible to a wider audience, including those less familiar with cryptocurrency.
In an exclusive interview with Bitcoin Magazine, Mile Suter, product lead at Block, emphasized the company’s vision for Bitcoin as everyday money. Suter believes that Bitcoin’s ultimate destiny lies in being used for everyday transactions, in line with Satoshi Nakamoto’s original vision. He also highlighted the importance of payments in maintaining Bitcoin’s core properties and ensuring its long-term success.
Overall, Block Inc. and its subsidiaries are at the forefront of advancing Bitcoin adoption, with a focus on integrating Bitcoin into everyday financial transactions. By offering a full-stack Bitcoin banking suite for small businesses, democratizing access to Bitcoin treasury tools, and developing innovative hardware wallet solutions, Block is playing a key role in the path to hyperbitcoinization. With a commitment to Bitcoin’s future as a global financial infrastructure, Block Inc. is reshaping the financial industry with its innovative approach to cryptocurrency integration.