The measure will take effect on December 10, and according to Dorsey, that Square now call yourself Block It will imply an expansion in terms of service areas, which would also involve technology Blockchain henceforth.
The payments company founded and run by Jack Dorsey, Square, announced today its brand change and will now be renamed “Block”, with which it will expand its scope of services and venture into the development of technologies related to Blockchain.
Square will be called Block
This was announced by Dorsey himself today, who indicated that the measure will be effective as of December 10 and that it aims for the company to experience greater growth by venturing into other areas. It was also clarified that despite the rebrand, Block will continue to trade on the New York Stock Exchange under its old symbol, SQ.
Regarding this change, Dorsey commented:
“We created the Square brand for our seller business, which is where it belongs… 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 create tools to help more people have access to the economy ”.
Other services also change their name
Let us bear in mind that the name change of Square It will also have effects on certain areas of the company.
In the ad posted by Block It is also possible to see that some of its associated services will change their name. Among these stands out Square Crypto, company address dedicated to promoting the adoption and advancement of Bitcoin, which will now be known as Spiral.
Regarding these changes, the statement reads:
“The name has many associated meanings for the company: Building blocks, neighborhood blocks and their local businesses, communities coming together at music-filled parties, a Blockchain network, a section of code, and obstacles to overcome.”
Period of changes
Recall that Dorsey recently announced his departure from the board of Twitter, so he left his position as CEO in the social network and would dedicate his time and energy to promote other projects. Among his comments he highlighted that the company was already ready “To leave its founders behind”.
Since 2015, Dorsey has been directing simultaneously Twitter and Square, but it has been the latter that has opened the door even more to Bitcoin already technology Blockchain. It was expected that after leaving the social network, he would now be full time within the payment company, in order to better guide the course that it will follow in the coming years.
Another interesting fact is that the rebrand for Square comes shortly after Facebook also do the same and its parent company will now be called Meta, precisely because of the approach that the company will adopt in the development of the Metaverse, where all its products and services will come together to make a much more immersive experience for users.
Source: CNBC, Twitter
Version by Angel Di Matteo / Daily bitcoin
Picture of Unsplash