Good bye Square Hello Block
It’s probably a name changing season for these social media founders. First was Mark Zuckerberg changing its company name from Facebook to Meta, now Jack Dorsey announced that Square changed its name to block. I see the assumptions were correct that Jack Dorsey is going full crypto. He seems really happy to be focusing all his attention on crypto right now.
source Square which was created as a payment method for business has evolved and diversified into other investment sectors like crypto and also acquired Jay-Z streaming service, TIDAL. That’s some cool cash paid by Jack Dorsey to acquire that company, it was worth $300 Million.
This was an announcement made from the official Twitter account. But there is a subsidiary part of square that is focused on crypto, the name of that subsidiary will be named spiral. In rebranding square to block there are two things that came to my mind as the reason behind the name, it could be that they wanted to use a crypto related name. You know like blockchain and blocks on a blockchain, or they wanted to change square which can be in the shape of blocks. But the company has made it clearly known that block is still focus on economic empowerment generally.
As crypto is becoming mainstream and widely adopted, lots of company associated with crypto have been using “Block” attached to their names just like blockfi and blockfolio, jack’s company is currently an additional block to the block financial crypto community.
The company announced going into bitcoin mining and also other aspects of bitcoin. But not to further confuse consumers about square service, square developed a special company focused solely on bitcoin. Square crypto would have been the name, but Jack Dorsey has made it obviously clear so many times that he is only interested in bitcoin not other cryptos. So having spiral as the new name was really the best idea for them.
This name rebranding is a sign that Jack Dorsey is about to live his dream he announced during the bitcoin Miami conference. He gave us hint in May and he is about to live it, that’s really cool. Bitcoin and cryptocurrency giving everyone the opportunity to work happily. That’s cool.
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