In a major rebranding move, Dorsey rechristens Square. Block is all set to fuel its founder’s Bitcoin ambitions.
- Square changes its name to Block, two days after Jack Dorsey quits Twitter.
- The name to be effective from Dec 10, website address changes to block.xyz
- CEO Dorsey bullish on Bitcoin, announces plan to introduce Bitcoin mining on Square in October
- Peer-to-peer digital wallet and small business lending division to operate under the old name Square.
A day after resigning from the position of CEO of Twitter, Jack Dorsey gave a picture of what his plans with Square looks like. Founded by Dorsey in 2009, 11 years later, the company had decided to change its name to “Block”. The attempt is being dubbed as a stride towards decentralized financing and expansion into blockchain technology beyond its traditional credit card business.
The company revealed that the new name will be effective from Dec 10 and it “acknowledges the company’s growth” and “creates room for further growth.”
“We built the Square brand for our Seller business, which is where it belongs,” Dorsey, cofounder and CEO, said in a statement:
Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.
As a major rebranding move, Square will also be changing the name of “Square Crypto”, company’s vertical dedicated to advacing Bitcoin, to “Spiral”.
The company said in a statement, The name Block “has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”
Square started as Jack Dorsey’s vision to extend a platform offering peer-to-peer payments along with credit card transactions on smartphone. Within no time, it came a long way facilitating small business lending and crypto and stock trading.
Now that the company is sailing along the 21st century wave of rebranding, the website will have a new address, block.xyz, as block.com already belong to a leading cryptocurrency firm. The NYSE ticker, however, will remain unchanged for now- SQ.
Jack Dorsey’s cryptocurrency ambitions- the post Twitter hustle begins
Fintech is on Twitter founder’s mind and there are high chances that his resignation was a step forward in the direction. Dorsey openly accepted his passion in June during the Miami conference saying, “If I weren’t at Square or Twitter, I’d be working on bitcoin.”
While Jack Dorsey did not mention cryptocurrency as a reason to quit Twitter in his formal resignation mail to employees, his rebranding move with Square, his another company that he lead as the CEO, revealed the vision.
Dorsey is chasing the massive decentralization revolution and Square, now Block, has already built a division for crypto trading.
In 2020, Square became the first publicly listed company to make Bitcoin purchases of $220 million reflecting on its balance sheet. Following the move, it made several more Bitcoin purchases in 2021 before it finally launched a new business division called TBD to focus on Bitcoin.
Looking ahead, the company has plans to build hardware wallet and exchange for BTC, while also developing a mining system.
Earlier in October, Dorsey announced his vision of building a more accessible crypto mining system for common people on Square. The idea is to simplify the highly complex computational problems that miners have to solve to mine a BTC.
“Mining needs to be more distributed,” Dorsey wrote in a tweet. “The more decentralized this is, the more resilient the bitcoin network becomes.”