Just a few days after resigning as Twitter CEO, Jack Dorsey, the Square CEO has changed the company’s name to Block. Square announced on December 2, 2021, that it had changed its name to Block. Square, a payments company, has been for some time now processing crypto transactions for its users.
Square Changes Name
According to the announcement, Block will be the company’s corporate entity while Square will continue to operate as a segment with a focus on processing payments. The parent company also owns Tidal, a music streaming app, and Cash App, a payment service. It also owns a developer platform with a focus on Bitcoin that is called TBD54566975. No organizational changes will occur following the name change. According to the announcement, the name has many associated meanings. For instance, it pointed to “a blockchain, a section of code, and obstacles to overcome.”
Dorsey’ Love of Crypto
Jack Dorsey, has in recent years expressed his fascination with the crypto sector and the potential held by blockchain technology. In 2019, Dorsey said that Twitter would work on a decentralized type of social media where users could create algorithms and moderate their communities. On his Twitter bio, it only states #Bitcoin.
After leaving Twitter, many expect that Dorsey’s focus will now be on crypto and blockchain technology. At one time, he said he was planning to move to Africa for a while to explore the opportunities that Bitcoin had to offer. He tweeted that he could move to Africa for up to six months to focus on the sector. However, nothing has been heard of the planned move since.
More Time for Bitcoin
After quitting Twitter, Dorsey could have more time to focus on Bitcoin. During his attendance at the Bitcoin 2021 conference, Dorsey said that Bitcoin changes everything. He added that there was nothing more important in his lifetime to work on. The Block CEO also stated that if he was not at Twitter or Square, he would be working on BTC. He added that if BTC needed more help than Twitter and Square, he would leave them for BTC. He added that “both companies have a role to play.”
Dorsey believes that Bitcoin could help to empower the masses. In his opinion, BTC could help to bank the unbanked billions around the world. Dorsey also stated that with Bitcoin and the rise of cellphones, the banks were not needed anymore. However, he noted that more needed to be done, including educating the masses on how to use BTC. According to Dorsey, Bitcoin could replace the financial firms that exist today.
Dorsey has been doing a lot for BTC. A while back, he established a 500 BTC fund with rapper Jay Z to help promote BTC development globally, especially in Africa. Jack Dorsey believes that BTC is going to be the native crypto coin for the internet. He has previously stated that it was the only reason why Square got involved with Bitcoin.