"We are no longer just a payments company," Dorsey said during the livestreamed event. "A lot has changed since our last investor day."
Square was founded in 2009 and made its name by creating a credit card reader for mobile phones. The company expanded its scope to peer-to-peer payments and bank-like products with Cash App. It also acquired Afterpay and Jay-Z's Tidal music streaming service. The company also operates an FDIC-insured bank, and it offers stock and cryptocurrency trading.
Square's corporate renaming to Block was meant in part to reflect that widening aperture and broader plans around crypto and blockchain.
While fintechs were among the best performers during the coronavirus pandemic, Block and its peers have been pummeled in 2022 amid rising interest rates. Ark's Fintech Innovation ETF, a basket of fintech names, is down more than 60% year to date. Block itself has fallen more than 45% in 2022.
