Bitcoin was traded more than 0.8% lower on Thursday morning.
ether was also declining.
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Square will soon have a new name.
The financial services company was co-founded and run by the former head of Twitter Inc. Jack Dorsey, changes its company name to Block Inc., according to the Wall Street Journal.
The change should come into effect this month, the company announced on Wednesday. Its ticker symbol remains SQ.
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The company says the new name is more aligned with Dorsey’s interest in cryptocurrencies and the technology behind it called blockchain.
The company holds approximately $ 220 million worth of bitcoins in its corporate coffers.
The CashApp business enables users to buy and sell bitcoin. In August, the company launched a new entity with the aim of building a blockchain-based exchange for trading crypto assets.
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In other cryptocurrency news, global trading platform Structure said Wednesday that it had raised $ 20 million in capital from investors and from a private sale of its STXR digital currency.
The company wants to make crypto-based lending and investment easier for cellphone users, according to Reuters.
The financing was led by the 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 structure launched this year is $ 150 million.
Structure’s company represents a growing trend among investment platforms to expand access to crypto and DeFi investments to private investors, according to Reuters.