Recently, Mark Zuckerberg replaced the name Facebook with Meta because of his ambition to enter and explore virtual reality. And now, Jack Dorsey has done the same.
Based in San Francisco, California, Square Inc. is an American financial service and digital payments company. The company was founded in 2009 by Dorsey. Wikipedia states Square’s market capitalization to be more than $90 billion, as of November 2021.
On Wednesday, December 1, Jack Dorsey CEO of Square Inc. announced to change the company’s name to Block Inc. Only after days, his resignation from Twitter, he took this decision.
He tweeted, “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.”
With the aim to expand Block Inc. he recently acquired ‘Tidal’, Norwegian subscription-based music, podcast, and video streaming service, and started ‘TBD54566975’, a financial service focused on Bitcoin.
Jack has been known as a “Crypto enthusiast.” Currently, Square has a total of $500 million (approximately 8,027 bitcoins) of investment in Bitcoin, according to Wikipedia. He highly believes Crypto will play a huge role in the near future as a digital currency. Square’s subsidiary ‘Square Crypto’ which mainly focuses on advancing Bitcoin, will also be rebranded as ‘Spiral.’
In another tweet, in response to Spiral, Square said, “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.”
Why Block? Jack says, “Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.”
On December 10, Square will be officially rebranded as Block.
