Monday, January 17

After leaving Twitter, Jack Dorsey changes company name and will focus on cryptocurrencies

After leaving the post of CEO of Twitter last Monday (29), now Jack Dorsey can fully focus on his other company, Square. The best demonstration of this dedication was the company’s renaming this Wednesday (1).

In addition to the name change from Square to Block, the Dorsey company is already showing its objective, Bitcoin. Also on this 1st, the Cash App, which belongs to Block, has already integrated the Taproot update for its users.

Dorsey’s shift in focus comes shortly after Facebook also changed its name to Meta, with a focus on the metaverse. As a result, we may be seeing a decline in social media and the rise of other technologies such as metaverses and cryptocurrencies.

Square is now Block

Known as the fifth largest public company with the highest number of bitcoins in the box, 8,207 BTC (BRL 2.6 billion), the name change from Square to Block also shows that Jack Dorsey will be totally dedicated to creating solutions around it. Bitcoin, increasing its adoption.

“Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975 and our key teams behind them. We are here to build simple tools to increase access to the economy.”

Of the five accounts marked in the ad, Cash App is an instant payments app that already accepts Bitcoin, while Spiral BTC — formerly Square Crypto — is dedicated to building projects around Bitcoin.

The others are the former Square account itself, which will keep its SQ ticker on the Nasdaq exchange, and TIDAL, the music streaming platform. The last account looks like a surprise, with the name “TBD” — which may be the acronym for To Be Discussed, in English — it has released a whitepaper from a decentralized exchange, TBEx, in the last few weeks.

what does this change mean

As Bitcoin itself does not have a marketing fund, this is done entirely by the community. The arrival of Jack Dorsey, now working fully on solutions for financial inclusion and Bitcoin adoption, could be of great help in getting Bitcoin discovered by more people and companies.

Jack’s departure from Twitter, weeks after Facebook changed its name to Meta, could indicate that the industry is undergoing changes, leaving them to discover new worlds like the metaverse and cryptocurrencies.

Thus, it is important to keep an eye on these bets, both Jack and Zuckerberg, after all these social media giants can have a lot of impact on the future of technology, whether financially or culturally.