Square is now Block because Jack Dorsey loves him some Bitcoin
Block will be the umbrella name for Square, Cash App, TIDAL, and TBD54566975.
Jack Dorsey is stepping down as CEO of Twitter and now his other company, Square, is changing its name to Block. Square will continue to be the name for the company’s digital payment processor.
The name change presumably points towards the company’s blockchain future, something Dorsey has been passionate about for years. Dorsey announced his departure from Twitter earlier this week. At that time, it was assumed he would be focusing more on crypto and blockchain. Those speculations seem to have come to fruition.
The name change is reminiscent of what Facebook did recently with its name change to Meta and Google to Alphabet in 2015. Essentially, it’s a way for these companies to better keep their products under one name instead of the company and services sharing the same name.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “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.”
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Block already is working on something blockchain-related it seems, as the company has TBD54566975 under its umbrella.
Not much is known about this business venture, but we do know that it’s a liquidity protocol, that aims to provide better financial services to those that don’t have access to traditional systems.
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