Twitter’s Ex CEO Jack Dorsey has changed its financial firms’ name to Block, which was originally named Square. This will be effective from December 10th, 2021. The firm is now planning to focus on Blockchain and cryptocurrencies. The announcement came after he stepped down from Twitter Ceo, he is said to be a staunch supporter of Bitcoin.
Earlier the company use to offer financial services, and has a majority stock in music streaming service Tidal is now expanding its horizons in other businesses. The company’s name change is a way towards growth. Since the company started in 2009, it has amalgamated companies such as Cash App, Tidal, and TBD54566975 under its umbrella. Also the venture Square Crypto a different initiative of the company specifically dedicated to advancing Bitcoin will change its name to Spiral.
Jack Dorsey added that even with the name change they will continue to grow and shall continue to build tools to help access the economy. Their purpose of economic empowerment remains the same he said. There will be no organizational changes in the company.
Since the company has so many businesses under its wing, this name change will bring all under one roof. The same strategy was adopted by Facebook last month when they announced a new name ‘Meta’ for them.
The name block has several inspirations like building blocks, neighborhood blocks, communities coming together at block parties, and a section of code, and much more. People who follow Jack Dorsey will know that he is an avid follower of Blockchain-related technologies and Bitcoin. With his resignation from Twitter, he would now focus more on Block that will popularize digital currency and the use of blockchain technology.
Block the company is also considering building a Bitcoin mining system based on custom silicon that could be used by people and companies worldwide.
