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The Wall Street Blockchain Alliance (WSBA) has welcomed Block, Inc. as its newest corporate member.
The nonprofit trade association dedicated to promoting the adoption of blockchain technology and cryptoassets in global markets is expected to make the most of Block’s wealth of expertise in decentralized technologies, digital payments, and
financial innovation.
Formerly known as Square, Block, Inc. is an American technology company that provides financial services to consumers and merchants. Founded in 2009 by Jack Dorsey, it is the U.S. market leader in point-of-sale systems. As of 2023, Block has 56 million users and 4 million sellers, processing $228 billion in payments annually.
Block is a financial services platform, not a bank. It operates Cash App, a mobile payments application, through which consumers can send and receive money through peer-to-peer transfers.
The company develops a payments platform for small and medium businesses, allowing them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.
Square Financial Services, Inc., an industrial bank, has received approval from the Federal Deposit Insurance Corporation (FDIC) to offer a consumer loan product, Cash App Borrow.
“Block’s insights and leadership will be invaluable”
Ron Quaranta, Chairman of the WSBA, commented, “We are excited to welcome Block, Inc. to the WSBA. Their commitment to advancing blockchain technology and fostering financial innovation aligns seamlessly with our mission. As the industry continues to evolve, Block’s insights and leadership will be invaluable in driving meaningful discussions and initiatives that shape the future of global financial markets. We look forward to collaborating with them to advance blockchain adoption and innovation.”
Amanda Anderson, Global Head of Public Policy and Government Relations at Block Inc., said: “We are thrilled to join The Wall Street Blockchain Alliance, an organization dedicated to supporting the development of digital assets and blockchain technology. At Block, we are committed to advancing innovative financial technology to promote a more inclusive and accessible economy for everyone. We look forward to partnering with WSBA and its members on promoting critical legislative and regulatory clarity for digital assets.
