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Bitcoin was trading more than 0.8% lower Thursday morning.
Ethereum was also declining.
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Square will soon have a new name.
The financial-services company co-founded and led by former Twitter Inc. chief Jack Dorsey, is changing its corporate name to Block Inc., according to the Wall Street Journal.
The change will be effective later this month, the company said Wednesday. Its ticker symbol will remain SQ.
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The company says the new name is more aligned with Dorsey’s interest in cryptocurrencies and the technology behind them, called blockchain.
The company holds about $220 million of bitcoin in its corporate treasury.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SQ | SQUARE, INC. | 194.50 | -13.83 | -6.64% |
Its CashApp business allows users to buy and sell bitcoin. In August, the company started a new unit aimed at building a blockchain-based exchange for trading crypto assets.
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In other cryptocurrency news, global trading platform Structure, said on Wednesday it has raised $20 million in capital from investors and from a private sale of its digital currency $STXR.
The company aims to facilitate crypto-based lending and investing for mobile phone users, according to Reuters.
The funding was led by crypto fund Polychain Capital. Other investors include Bixin Ventures, a crypto venture fund, and Ascensive Assets, a digital asset investment firm.
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The latest funding valued Structure, which was launched this year, at $150 million.
Structure’s venture represents a growing trend among investment platforms to expand access to crypto and DeFi investing to retail investors, according to Reuters.
