Latest news with #BlockInc.
Mint
3 days ago
- Business
- Mint
Jack Dorsey-led Block set to join S&P 500 index in new milestone, to replace Hess
Jack Dorsey's Block Inc. is set to join the S&P 500 index, a milestone that underscores the growing influence of digital payments and crypto in mainstream finance. The fintech firm will replace Hess Corp. in the benchmark, following Chevron Corp.'s $53 billion acquisition of the energy producer. The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices Friday. Shares of Block rose as much as 14% in after-hours trading. Block, formerly known as Square, has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending. Earlier this year, Block's industrial bank subsidiary Square Financial Services Inc. received approval from the US Federal Deposit Insurance Corp. to begin offering consumer loans directly through the Cash App Borrow product. The company is also integrating Bitcoin payment capabilities into its Square terminals, reflecting Dorsey's long-standing advocacy for Bitcoin. He remains an influential voice in the digital-asset world, recently sharing open-source coding projects on X. Block is aiming to turn Cash App into a full-scale banking and lending product, even as the company grapples with uneven earnings results. Inclusion in the US equity benchmark can elevate a company's profile and is becoming more important as passive investment funds grow. Expulsion from the benchmark can weigh on stock prices, as index funds sell shares to realign with the S&P 500's new composition.
&w=3840&q=100)
Business Standard
3 days ago
- Business
- Business Standard
Jack Dorsey's Block to join S&P 500 index, replacing Hess after merger
Jack Dorsey's Block Inc. is set to join the S&P 500 index, a milestone that underscores the growing influence of digital payments and crypto in mainstream finance. The fintech firm will replace Hess Corp. in the benchmark, following Chevron Corp.'s $53 billion acquisition of the energy producer. The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices Friday. Shares of Block rose as much as 14 per cent in after-hours trading. Block, formerly known as Square, has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending. Earlier this year, Block's industrial bank subsidiary Square Financial Services Inc. received approval from the US Federal Deposit Insurance Corp. to begin offering consumer loans directly through the Cash App Borrow product. The company is also integrating Bitcoin payment capabilities into its Square terminals, reflecting Dorsey's long-standing advocacy for Bitcoin. He remains an influential voice in the digital-asset world, recently sharing open-source coding projects on X. Block is aiming to turn Cash App into a full-scale banking and lending product, even as the company grapples with uneven earnings results. Inclusion in the US equity benchmark can elevate a company's profile and is becoming more important as passive investment funds grow. Expulsion from the benchmark can weigh on stock prices, as index funds sell shares to realign with the S&P 500's new composition.
United News of India
08-07-2025
- United News of India
Jack Dorsey reveals messaging app 'Bitchat' that works offline
New Delhi, July 8 (UNI) Jack Dorsey, Co-Founder of Twitter and current serving CEO of Block Inc., revealed a peer-to-peer messaging app named 'Bitchat'. This app will also run without internet connectivity or in offline mode. Unlike its rivals, including Meta's WhatsApp and Messenger, which need internet connectivity and central servers to function smoothly, Bitchat functionality is entirely based on Bluetooth Mesh Networks or Bluetooth Mesh. These networks create a room for many-to-many communication between numerous BLE (Bluetooth Low Energy) devices. Dorsey's Bitchat is a peer-to-peer messaging app that allows for ephemeral and encrypted communication between nearby devices. This app enables users to reach beyond standard range even in situations when Wi-Fi or Cell Service were unavailable. Moreover, Bitchat is specifically designed to remain smoothly working in situations when the internet is blocked, offering a unique way to disseminate information during outages or shutdowns. Reportedly, the future update of the BLE-based app Bitchat will add direct Wi-Fi to this app to take Jack Dorsey's vision of off-grid communication to a further step. UNI SAS AAB
Bloomberg
10-04-2025
- Business
- Bloomberg
Jack Dorsey's Block to Pay New York $40 Million in Cash App Settlement
Block Inc., the digital payments firm founded by billionaire Jack Dorsey, was fined $40 million by New York for alleged anti-money-laundering inadequacies and cryptocurrency compliance failures on its Cash App platform. The New York Department of Financial Services issued the fine after an investigation found Block had failed to conduct adequate due diligence on its customers and to monitor and report suspicious transactions in a timely manner, the agency said in a consent order Thursday. Block also allegedly failed to screen and monitor high-risk Bitcoin transactions. The department found violations of consumer protection regulations, according to the order.
Bloomberg
03-04-2025
- Business
- Bloomberg
Jack Dorsey's Block Pushes Into Banking as Stock Price Tumbles
Cai Haun has been a loyal Cash App user for nearly a decade. First using Block Inc.'s app as a place to squirrel away tips from her previous job as a barista, and now to send and receive money from friends for drinks and group dinners. Despite her loyalty, the 35-year-old content creator has remained immune to the company's efforts to turn customers like her into users of its banking services.
