Square changes its name to Block. Is Jack Dorsey Deep In Crypto?

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Just days after stepping down as CEO of Twitter, Jack Dorsey bolstered his position as CEO of the Square payments platform by announcing on Wednesday that Square will change its name to “Block”. Additionally, its cryptocurrency division – Square Crypto – will be renamed “Spiral” – both changes are expected to take place next week, December 10.

Why the name change?

“We built the Square brand for our Seller business, that’s where it belongs,” Dorsey said in the company’s press release. “Block is a new name, but 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. “

Much like other technology name changes before it – Google to Alphabet; Facebook to Meta – Block will be an umbrella brand that will cover a diverse group of acquired assets that include TIDAL, TBD54566975 (the non-name of its planned decentralized exchange for Bitcoin), Cash App and Square.

The Block statement went on to note that the new name “has many associated meanings for the business – from building blocks, neighborhood blocks and their local businesses, communities coming together at neighborhood parties full of music, a blockchain, a section of code and obstacles to overcome. “

Dorsey is all about Bitcoin

This is further proof that Dorsey is betting everything on crypto and Bitcoin. If that wasn’t clear, just take a look at the one-word description on his Twitter profile: #Bitcoin.

For years he has been a staunch supporter of Bitcoin, making public statements that he believes he can establish economic equality in the world, be a catalyst for world peace, and be the single global currency. Dorsey also said that if he wasn’t CEO of Twitter and Square / Block, he would be working on Bitcoin. It looks like he’s putting that rhetoric into action as well, as he recently laid the groundwork and published a white paper for Square to launch its own decentralized exchange for Bitcoin trading and enable Bitcoin payments through Square’s Cash app. Block since 2018.

Analysts and experts expect Square / Block to step up its investments in its financial technology innovations, which will most certainly include new Bitcoin offerings – you can bet your last Bitcoin on that.

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