“Block could be a new name, however our purpose of economic empowerment remains the same. regardless of however we have a tendency to grow or modification, we'll still build tools to assist increase access to the economy," said Jack Dorsey.
Digital payments company square declared that it's modified its company name to block, seemingly in a very shift towards blockchain technology.
In a weekday tweet, sq. said the rebrand can bring the payments firm along with money App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform tidal. an accompanying news release aforesaid that said Crypto, the cryptocurrency-focused branch of the payment firm, also will be dynamic its name to Spiral and joining the Block family.
“Block references the neighborhood blocks wherever we discover our sellers, a blockchain, block parties filled with music, obstacles to beat, a vicinity of code, building blocks, and in fact, wolfram cubes,” aforesaid square “We’ve been operating to form this transformation for over a year, and it solely represents a modification of our official company name; not our purpose, our vision, our structure or however we tend to operate.”
The rebranding comes a mere 2 days once square — currently Block — CEO Jack Dorsey resigned his position at Twitter, citing the need to give his replacement, chief technology officer and member Parag Agrawal, the space to work without his influence at the social media large. At the time, several speculated that Dorsey would get deeper into crypto and blockchain through Square’s operations, in a lot of a similar method Facebook turned its focus far from social media with a rebranding to Meta.
“Block may be a new name, however our purpose of economic empowerment remains the same,” said Dorsey on the name change. “No matter however we tend to grow or modification, we are going to still build tools to assist increase access to the economy.”
( Turner Wright, Cointelegraph, 2021)