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Square markets software and hardware payments products and has expanded into small business services. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first app and service in 2010. The Square Reader was the firm's first product. It accepts credit card payments by connecting to a mobile device's audio jack. The original version consisted of a simple read head directly wired to a 3.5 mm audio jack, through which unencrypted, analog card information was fed to smartphones for amplification and digitization. In June 2013, the firm unveiled Square Stand, which turns the Apple iPad into a more complete point-of-sale system. In 2015, Square launched a Bluetooth-connected reader that works for Android and iOS devices to accept chip and contactless payments through their platform. In December 2012, Square began allowing merchants to issue virtual gift cards; a QR code is scanned from the customer's smartphone to use the funds. The company's valuation in October 2014 was $6 billion.