Square Rebrands as Block INC., Dorsey to Make Bitcoin More Than an Investment

Bitcoin evangelist and co-founder of Twitter and Square, Jack Dorsey, recently announced his resignation as Twitter CEO as he announced his plans to focus more on his passion for Bitcoin.

After stepping down as Twitter CEO, on December 1, Jack Dorsey announced the corporate change of name for payment giant, from Square to Block Inc. The new name will become active on December 10.

Its subsidiary, Square Crypto Service, has also received a new name, Spiral. According to Dorsey, the name was changed because having “crypto” in its name led to confusion, as Square is focused solely on Bitcoin.

 

Making Bitcoin More Than an Investment

Clarifying the name change, Dorsey said that Square will now only represent Block’s Seller business as the payment platform was initially created to be independent of Square. 

In addition, the payment giant has updated its goal, stating that Spiral is now dedicated to building and funding “open-source projects aimed at making Bitcoin the planet’s preferred currency.”

Confirming its change of name, Square Tweeted;

On the Flipside

  • Jack Dorsey has been criticized for his move away from Twitter. However, Dorsey says he doesn’t care about “looking bad.”

Why You Should Care

Jack Dorsey has been one of the biggest proponents of Bitcoin adoption and his departure from Twitter will allow him more time to focus on crypto, like his decentralized exchange – tbDEX

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

    Author
    Milko Trajcevski

    Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia