The Jack Dorsey's Square payment company will change its name to Block

The renaming in fintech was explained by the desire to reflect its growth and commitment to the blockchain projects in the name

02.12.2021 - 13:15

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What’s new? The Jack Dorsey's fintech company Square has announced a rebranding, it will now be called Block. Officially, this decision will come into force after December 10.

The company’s statement

Why was it decided to change the name? The company explained that the name Square is associated with its business for sellers. The company has been in the business of accepting and processing payments for small and medium-sized businesses since 2009.

The new name, Block, demonstrates the company's growth and transformation into an ecosystem. It has already included the Cash App money transfer service, the music streaming service Tidal, and an open-source digital asset exchange platform project TBD5466975. The Square Crypto project, whose activities are related to the development of BTC, will change its name to Spiral and will also become a part of Block.

What had happened before? Jack Dorsey announced this week that he leaves his post as Twitter’s CEO. He noted that he is going to focus his attention on running Square. Many analysts felt that by doing so, the businessman is going to pay more attention to the development of the blockchain technologies in the company.

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