Payments company Square said on Wednesday that it is changing its name to Blockchain, one of the main focuses of the company’s chief executive officer Jack Dorsey, who is an enthusiast for the cryptocurrency and runs on blockchain technology.
Mr Dorsey said on Monday he was getting down from the helm His second company, Twitter, was a move considered by many to devote more of his attention to cryptocurrency and Square.
The company said in a news release that while Block would become the name of a “corporate entity,” Square would remain the segment of the company that helps people and businesses process payments. The parent company owns Tidal, a music streaming service, Cash App, a payment service, and a developer platform focused on bitcoin called TBD54566975. Square said no organizational changes would be made to the company other than the name change.
“The name has several associated meanings for the company – building blocks, neighborhood blocks and their local businesses, communities coming together in block parties filled with music, a blockchain, a block of code, and barriers to overcome,” The company said in its release. It is expected that the name change will become official on December 10.
Mr Dorsey has become more fascinated in recent years by the promise of cryptocurrencies and The decentralization that blockchain technology can allow. In 2019, he said that Twitter would help create a decentralized type of social media in which users could create their own algorithms and moderate their own communities. its just twitter bio “#bitcoin”.
a deep effort Cryptocurrencies and Blockchains Could Be Fascinating As for Mr Dorsey, who has spent his last few years as chief executive officer of social media spreading misinformation, testifying in front of politicians, and fighting against former President Donald J. Spent more time defending Twitter’s role in receiving constant criticism from Trump, who was banned. Twitter shortly after the January 6 attack on the Capitol.
Mr. Dorsey did not refer to cryptocurrencies or blockchain in a brief quote in the news release about his company’s name change, saying only that despite the new name, “our objective of economic empowerment remains the same. No matter what. As we grow or change, we will continue to build tools to help increase access to the economy.”