[15] It allows sellers to accept card payments and manage operations, including bookings,[20] e-Commerce,[21] inventory,[22] payroll, shift scheduling,[23] banking, and obtaining business loans.

[13][25] This wallet allows users to send, receive or save money,[26][27] access a debit card, invest in stocks and bitcoin,[28][29] apply for personal loans,[30] and file taxes.

[37] The original inspiration for Block's first product "Square" occurred to Jack Dorsey in 2009 when his friend Jim McKelvey was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards.

[40][41] According to Forbes, Block, named Square, Inc. then, tested its payment method on 50,000 merchants in the summer of 2010, and was reporting a chargeback rate of less than 0.05 percent.

[44] In October 2011, the company stated that it was processing about US$2 billion per year in payments through its "Square" card readers, charging 2.75 percent per swipe.

[5] In April 2024, CNBC reported that Block announced it had finished the development of its own standalone three-nanometer bitcoin mining chip and was in the process of working through the design with a semiconductor foundry.

In this regard, according to CNBC, Block was solving a "major barrier to entry" posed by the relative difficulty in sourcing mining rigs, their high prices and unpredictable delivery.

[68] In May 2024, the company's Square platform was found to be the market leader in point-of-sale systems in the U.S.[17][16] In July 2024, Block signed a "large-scale crypto mining hardware pact", agreeing to supply its chips to bitcoin miner "Core Scientific".

Square also offers additional features to manage various operations including staff payroll and shift schedules,[23] customer bookings,[20][79] inventory,[22] e-Commerce,[21][80][81] banking and business loans.

[24] In 2022, a Protocol survey showed that 35% of U.S. small business owners used Square, a higher percentage than its competitors, while also highlighting the POS market's continued fragmentation.

[84][14][85] As of 2024, the platform is available in the U.S., Australia, Canada, France, Japan, Republic of Ireland, Spain and the U.K.,[86] and is the U.S. market leader in point-of-sale systems.

[87] As of 2023, Cash App also offers a savings account and a debit card, and services such as direct deposit and investing in stocks and Bitcoin.

This idea made in 2008 by a then eighteen-year-old Nick Molnar was geared towards millennials and inspired by the aftermath of the 2008 Global Financial Crisis.

Molnar and Partner/ Co-founder Anthony Eisen launched their platform in 2014 and in four years their product reached a market capitalization of around $3.3 billion.

According to ABC News (Australia) in August 2021, Afterpay had operations in the U.S., Canada and New Zealand, as well as in the U.K., France, Italy and Spain as Clearpay.

[94] In December 2023, Block launched Bitkey, a self-custody Bitcoin hardware wallet, in 95 countries including the U.S., the U.K., Canada, Nigeria, Argentina, Mexico, and India.

The company also said it had finished developing its own standalone three-nanometer bitcoin mining chip and was finalizing the design with a semiconductor foundry.

[96][97] Originally launched in 2014 by Aspiro, a Norwegian company, Tidal was purchased in 2015 by American rapper Jay-Z for $56 million, reportedly to "give artists more control over the distribution of their music".

[102] Block received angel investments from Marissa Mayer, Kevin Rose, Biz Stone, Dennis Crowley, Shawn Fanning, MC Hammer, and Esther Dyson.

[122] In May 2019, Square announced that it had acquired Eloquent Labs, an artificial intelligence startup helping improve the customer service experience.

[125] In March 2021, Square announced it was acquiring a significant majority in music streaming platform Tidal for $293 million in a deal of stock and cash.

Hindenburg's accusations of Block included exaggerating user counts, failing to curb fraud and illegal activity on Cash App, and permitting impersonation of high-profile individuals.

It also wrote in its report that Block "embraced predatory offerings and compliance worst practices in order to fuel growth and profit from facilitation of fraud against consumers and the government.

"[129][130] Block responded to the allegations in a press release saying, "We intend to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about our Cash App business today".

[131] NBC News reported in May 2024 that prosecutors at the Southern District of New York were examining financial transactions and internal practices at Block, stemming from alleged compliance lapses at its Square and Cash App units.

[132] In November 2024, Block disclosed in its earnings report for July–September 2024 that it was negotiating a potential settlement with several state regulators that had probed the company's anti-money laundering program.

Additionally, Block stated it was negotiating a potential settlement with the Consumer Financial Protection Bureau (CFPB) in matters including those related to Cash App's handling of customer complaints and disputes.