Jack Dorsey going all in with Crypto?
Due to all the upcoming changes, Jack Dorsey, the former CEO of Twitter, has been making headlines. To begin with, the financial services app that he co-founded in 2009, known as Square, will be renamed Block, in addition to his resignation as CEO.
There have been many changes in the last decade to what was once known as Square, but now it is a redesigned application aligned with blockchain technology. Even though the app’s name has changed, the mission to provide economic empowerment remains the same as it was with Square.
With its card reader product, which allows merchants to process payments using their smartphones, Square got its start on the cheap. It was innovative enough to keep developing new features, even though the financial services had a limited utility for consumers and merchants at the outset.
Trading in cryptocurrencies and stocks, as well as money lending, are all part of this package. Additionally, Square increased its investment in Tidal, a music streaming service, by acquiring a sizable portion of the company. Cash and stock were exchanged for an estimated $297 million during the transaction process.
In light of Square’s rapid expansion and development, it was decided that a rebranding was in order. CashApp, Tidal, square, and a future decentralised exchange (DEX) for Bitcoin (TBD54566975) all fall under the umbrella name “Block.”
This is what Square says about itself in their blog: “The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”
The complete rebranding will begin on December 10th, 2021, but the NYSE ticker for Square (SQ) will not change at this time, so stockholders do not need to take any action to keep their shares.
CashApp, Tidal, Square, and TBD54566975, the company’s subsidiaries, will all continue to operate under their existing names despite the company’s announcement of its rebranding.
However, Square Crypto, a separate initiative dedicated to the development of advancements for Bitcoin, has changed its name to Spiral as a result of the announcement of the name change. Despite the company’s new look, Dorsey is steadfast in his belief that the company and its initiatives will continue to succeed “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”