Saturday, January 22

Jack Dorsey bets on Bitcoin and changes the name from Square to Block

Key facts:
  • The Square business unit will continue to be called that, but will change the company name to Block.

  • Block integra 4 negocios: Square, Cash App, TIDAL y TBD.

Just as the Facebook company was renamed Meta recently, leaving that name only for the social network, now the same is happening in a financial solutions company that is transitioning to cryptocurrencies and decentralized finance (DeFi). It is about Square that will be renamed Block to refer to the world of cryptocurrencies and blockchain.

The company reported that, Since its founding in 2009, it has integrated three more businesses in addition to Square. These are Cash App, TIDAL and TBD. That is why they saw it necessary to change the name of the corporation to something global that represents all of them and not just one of them.

The growth of the company was what prompted the decision to change the name from Square to Block. Jack Dorsey, Co-Founder and CEO said “Our purpose for economic empowerment remains the same.” And he clarified “no matter how we grow or change, we will continue to create tools to help increase access to the economy.”

This release comes after a string of Actions that demonstrate Jack Dorsey’s intention to focus on the cryptocurrency and blockchain ecosystem. The announcement of the new name was released on December 1, just two days after resigning from his other role as CEO of the social network Twitter.

Block will remain publicly traded under Square’s code SQ for now. Source: Twitter.

Jack Dorsey had stated this year that, if he did not work on Twitter, he would be developing in the cryptocurrency industry, something that he is effectively fulfilling now. Since August, he began mining bitcoin and now he is doubling down on blockchain technology by changing the name of the Square corporation to Block.

Block refers to blockchain

Block translated into Spanish from English means “block.” The company explains that this represents several ideas that they want to bring together. It not only refers to blockchain, the network through which cryptocurrencies work, also mentions that it refers to building blocks, neighborhoods, local businesses, and communities.

In this way, they integrate their 4 businesses. The first originator of the company is Square, which will continue to be called that and provides business solutions, business software and banking services for sellers.

The others are Cash App, a cash app, TIDAL, a music streaming site, and TBD, a decentralized finance services (DeFi) platform. The latter was launched in the middle of this year, as reported by CriptoNoticias.

Despite the name change, the company advised that it will not change its stock code. For the moment, Block will continue to be listed on the New York Stock Exchange (NYSE) under the “SQ” symbol, which refers to Square. Although he warns that, if they make a change to this, they will make it public soon.