Payment company Square changed its name to “Block Inc.”, encryption service will be called “Spiral” – Bitcoin News
After Jack Dorsey announced his resignation on Monday, two days later, Dorsey’s payment company Square Inc. disclosed that it was changing its name and renamed Block Inc. The company stated that the Block name has “many related meanings”, including the term “blockchain.” ”
Square changed its name to “Block”-Square Crypto changed its name to “Spiral”
On Wednesday, Square Inc., founded in 2009 by Jack Dorsey and Jim McKelvey, decided Renamed After Facebook changed its name to “Meta”.The news is from Jack Dorsey Resignation announcement When he explained on Monday that he would resign as CEO of Twitter. Jack Dorsey, co-founder and CEO of Block, said in an announcement on Wednesday: “We have established the Square brand for our seller business, and this is where it belongs.” Dorsey added:
Block is a new name, but our purpose of giving economic power remains the same. No matter how we grow or change, we will continue to build tools to help increase our access to the economy.
Since Dorsey’s resignation, many people believe that this move is good for Bitcoin, and Dorsey’s Past statement Reflect that he wants to work in the cryptocurrency world. The Square name change announcement also mentioned blockchain technology and further revealed that Square Crypto, a subsidiary of Square, will also be renamed.
“The name change to Block distinguishes the corporate entity from its business or building blocks,” the name change announcement further pointed out. “There will be no organizational changes. Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. The basic workforce, including legal counsel, personnel, and financial teams, will continue to help guide the ecosystem at the enterprise level.” Payment company The blog post added:
As a result of the name change, Square Crypto is a separate initiative of the company dedicated to advancing Bitcoin and will be renamed Spiral.
“Building Blocks and Blockchain”-After the rebranding, the payment company’s share price fell by nearly 2%
The company stated that the name has multiple relevant meanings to the business. The announcement concluded that the name “Block” stands for “building blocks, community blocks and their local businesses, communities gathered in a street party full of music, blockchain, a piece of code, and obstacles to overcome”.
The company’s stock price hit a high of US$197.95 on Wednesday, but has since fallen 1.74% to US$194.50 per unit. The 30-day indicator showed that Block’s stock price fell 22.96% from the 30-day high on November 3 to $252.48 per share. Year-to-date, the payment company’s share price has been fluctuating from $226 per share to a high of $281 per share in 2021 on August 5.
What do you think of Square’s name change to Block? Please tell us your thoughts on this topic in the comments section below.
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