In October 2020, Square put approximately 1% of their total assets ($50 million) in Bitcoin, now worth over $220 million, citing Bitcoin's 'potential to be a more ubiquitous currency in the future' as their main reasoning. The name 'Square' derives from the company's square-shaped card readers. Ĭo-founders Dorsey-who also co-founded Twitter-and McKelvey began developing the company out of a small office in St.
The original inspiration for Square occurred to Jack Dorsey in 2009 when Jim McKelvey (a friend of Dorsey) was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards.
