THELOGICALINDIAN - The name change represents the companys contempo focus on blockchain
Square Inc., a payments aggregation headed by above Twitter CEO Jack Dorsey, announced today that it will abide a complete rebrand.
Square Becomes Block
Square will now be accepted as Block. On Twitter, the aggregation mentioned blockchain as one acumen for the name change:
Block references the adjacency blocks area we acquisition our sellers, a blockchain, block parties abounding of music, obstacles to overcome, a area of code, architecture blocks, and of course, tungsten cubes.
The new name will awning several aggregation projects, including its payments app Cash App, its crypto division, the Tidal music service, and its decentralized exchange activity TBD.
Square will additionally rename its Square Crypto analysis to Spiral. It acclaimed that Bitcoin “continues to abound like a circling from a distinct point, encompassing added and added amplitude until it touches everything.”
The company’s agent account for merchants will advance the Square brand. Its banal ticker ($SQ) will additionally abide the same.
The change carefully resembles Facebook’s contempo accommodation to rebrand as Meta. Square alike gave a nod to Facebook by prefacing its Twitter cilia with the words “Not to get all meta on you…” afore answer the rebrand in-depth.
Square Is Focusing on Crypto
The account comes afterwards CEO Jack Dorsey resigned from Twitter on Monday. Though Dorsey did not absolutely say that he larboard to focus on Square, antecedent statements dating aback to June appropriate that he would leave Twitter to focus on Bitcoin if necessary.
Square began as a acceptable payments processor, but the company’s business has more confused against Bitcoin. This November, it reported an 11% year-over-year access in Bitcoin acquirement and a 29% year-over-year access in Bitcoin profits.
The close has additionally invested heavily in crypto. It holds over 8000 BTC, an bulk currently account $459 million.
Disclaimer: At the time of autograph this columnist captivated beneath than $100 of Bitcoin, Ethereum, and altcoins
