Block, owner of Square and Cash App, is preparing to join the S&P 500. The move is a milestone for Block and a sign of the growing mainstreaming of digital payments and cryptocurrency in the finance world. Block will replace Hess on the S&P beginning July 23 at the start of trading. Block has transformed itself from a payments processing company to a FinTech that offers peer-to-peer transfers, merchant services and consumer lending, with Square getting the OK from the Federal Deposit Insurance Corp. (FDIC) earlier this year to offer consumer loans through its Cash App Borrow product. In addition, the company is integrating bitcoin payment capabilities into its Square terminals, which is characterized as a reflection of CEO Jack Dorsey’s longtime advocacy for the popular cryptocurrency. “When a coffee shop or retail store can accept bitcoin through Square, small businesses get paid faster, and get to keep more of their revenue,” Block Bitcoin Product Lead Miles Suter said. “This is about economic empowerment for merchants who like to have options when it comes to accepting payments.”