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Payments firm Square said Wednesday that it was renaming it Block, nodding to one of its main focuses, CEO Jack Dorsey, who is a cryptocurrency and blockchain technology enthusiast.
Mr Dorsey said Monday was getting off the helm It’s a move from his other company, Twitter, which many believe should be able to devote more of their attention to cryptocurrency and Square.
Block will be the name of the “corporate entity,” as Square remains the segment of the company that helps people and businesses process payments, the company said in a news release. The parent company also has Tidal, a music streaming service, Cash App, a payment service, and a Bitcoin-focused developer platform called TBD54566975. Square said that there will be no organizational changes at the company other than the name change.
“The name has many associated meanings for the company – its building blocks, neighborhood blocks and local businesses, communities that come together at music-filled block parties, a blockchain, a code segment and hurdles to overcome,” the company said. release. The name change is expected to become official on December 10.
Mr. Dorsey has been fascinated by cryptocurrencies and The decentralization that blockchain technology can allow. He said that in 2019 Twitter will help create a decentralized type of social media where users can create their own algorithms and manage their own communities. the only thing in it Twitter bio It’s “#bitcoin”.
A deeper raid cryptocurrencies and blockchain can be attractive For Mr. Dorsey, who in his last few years as social media CEO has spent an increasing amount of time defending Twitter’s role in spreading misinformation, testifying in front of politicians, and receiving frequent criticism from former President Donald J. Trump, whose access is prohibited, Twitter is the Capitol. shortly after the January 6 attack on
Mr. Dorsey did not refer to cryptocurrencies or blockchain in a brief excerpt about his company’s name change in the news release, simply saying that despite the new name, “our goal of economic empowerment remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy.”
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