Jack Dorsey's payment platform will be included in the S&P 500 index on July 23

ChainCatcher news, according to The Block, Twitter co-founder Jack Dorsey's payment platform Block Inc will be added to the S&P 500 index on July 23. After the news was confirmed late Friday, the stock rose 10% in after-hours trading. Block (stock code: XYZ) was originally founded in 2009 as Square, initially focusing on providing financial services and mobile payment solutions. In December 2021, the company rebranded as Block Inc., reflecting its growing interest and involvement in blockchain technology and digital assets.

Block's Bitkey division launched a simple self-custody wallet designed specifically for Bitcoin, while Proto is a suite of Bitcoin mining products and services. This inclusion in the S&P 500 index comes about two months after Coinbase became the first pure crypto company to join the benchmark index. Block will replace Hess Corporation, which is set to exit the index due to its acquisition by Chevron. Last summer, Block began investing 10% of its Bitcoin profits into BTC on a monthly basis.