Digital financial services company Square is adopting “Block” as its new name to focus on the development of blockchain technology.
Square, the financial services company founded and led by Jack Dorsey, wants to focus on the development and innovation of blockchain technology, and will do so under its new name “Block.” Through Twitter, the company explained that the name change is just a corporate process, as its purpose, vision, and structure remain the same since its founding. However, from Block, it will be able to identify itself as a company focused on exploring the potential of the blockchain to create new protocols and products that allow unlocking the true value of the chain, building a new financial model, and facilitating the entry of millions of people into the economy.
Square will remain the brand name for the digital financial services offered by the company, which clarified to its shareholders and investors that it will not change its stock ticker symbol SQ. On the other hand, Square’s crypto subsidiary, Square Crypto, will also change its name and will be called “Spiral,” the company said in its Twitter post.
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From Square to Block
Square revealed that it has been working on its name change for over a year. The company acknowledges the growth and importance of cryptocurrencies and new technologies as elements that have contributed to its development. Square integrated Bitcoin in 2017 and has since seen its profits grow exponentially. This year alone, Square has tripled its profits thanks to the growing interest in crypto assets.
However, Dorsey he pointed Square, with services like Cash App, has become synonymous with the company’s seller business, offering merchant solutions, enterprise software and banking services for sellers. As for Block, Dorsey stressed that it is much more. Starting with the name change, the corporate entity will drop its financial services business as a brand and focus on continuing to develop and build blockchain. Block wants to build a global ecosystem of many companies, with the purpose of driving economic empowerment and serving millions of individuals, artists, fans, developers and sellers, he said.
The great work of Jack Dorsey
Square's name change to Block comes just days after Jack Dorsey's departure as Twitter CEO was announced. Jack, an entrepreneur, developer, and leader in the Bitcoin crypto community, is stepping down from the social network after 16 years.
During his tenure as CEO, Jack led Twitter to dabble in the crypto world, although this was not to the liking of all its shareholders. Dorsey integrated a new Bitcoin-owned feature into the social network, which is still in the testing phase. On the other hand, at Square, the focus on the cryptocurrency economy has been greater. In the last year alone, Dorsey has made big announcements about the financial firm's foray into the crypto space. The most notable announcements are the construction of a Bitcoin wallet, Regulated DEX for the exchange of BTC, the creation of its unit TBD focused on decentralization and the design of a new mining system for the market-leading cryptocurrency. In addition to this, Square holds around 8.027 BTC on its balance sheet, valued at around $453 million currently.
Dorsey has also expressed keen interest in pursuing the development of Bitcoin and its underlying technology: blockchain.
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