Square Renames To Block, Referencing To Blockchain: Report

Square renames to Block after Jack Dorsey who is also the co-founder of Twitter, resigned from CEO of the social media platform to focus on Square and crypto. The new name Block is a clear reference to Blockchain so let’s see more about it in today’s cryptocurrency news.

Dorsey resigned from Twitter to focus more on his other company, the financial payments company Square but many wondered what it would mean for both businesses and the crypto ambitions he has. Dorsey subtweeted some kind of an answer as it announced that Square renames to block referencing blockchain, the technology behind Bitcoin. Not that the company is stating that but Block says it “creates room for further growth.” Dorsey said in a press release:

“We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3

— Square (@Square) December 1, 2021

Square has been experimenting with plenty of crypto-based ideas like the one we saw in November when it released a white paper for a decentralized exchange for trading Bitcoin and other assets. Dorsey also said that the company is looking into building Bitcoin mining machines that will go hand in hand with the hardware wallet that is already under development. Selling bitcoin has also been a huge earner for Square Cash App for many years while in its recent quarter it registered $1.81 billion in revenue and netted $42 million in profit.

Oh! Obviously Square Crypto no longer makes sense, so the team is changing its name to Spiral (@spiralbtc). This rebrand reflects their focus on #bitcoin as it continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.

— Square (@Square) December 1, 2021

Square Crypto on the other hand as a wing of the company that boosts Bitcoin use cases, will be renamed Spiral. Dorsey noted that he will leave Twitter and Square if bitcoin needed him more and it now looks like the name change could be more than enough.

As recently reported, Twitter co-founder Jack Dorsey announced he will resign as CEO of the social media company which only sparked rumors that he will focus on Bitcoin from now on. In the resignation letter posted on the social media platform, Dorsey explained the limitations of the founder-fed companies and said he thinks these setups are risky and are limiting companies in the sense that they are a single point of failure.