As reported by CriptoFácil, Jack Dorsey resigned from his position as CEO of Twitter after six years. According to the resignation letter, Dorsey left to pursue other activities through her other company, former Square Inc.
Yes, old, as the company changed its name on Tuesday (1). As revealed in a press release, Square will be renamed Block. This will be the name of the company as a corporate entity, while Square will continue to exist as an internal division.
Since its founding in 2009, the Square name has become synonymous with the company’s sales-oriented business. However, the company has expanded its activities into payment services and, more recently, into cryptocurrencies.
“We developed the Square brand for our seller-oriented business, the space to which it belongs. Block is a new name, but our purpose for economic empowerment remains the same. No matter how much we grow or change, we will continue to develop tools to expand access to the economy,” said Jack Dorsey, Block co-founder and CEO.
Changes and meaning of the new name
At first, the name Block makes a clear reference to blockchain technology, just as Meta (formerly Facebook) did with Metaverse. In this sense, the change may represent a nod to the company’s move towards the cryptocurrency market.
Another sense of the name, given by the company itself, is the division of sectors. The word Block has several meanings “associated with the activities of the company, such as neighborhood blocks (or blocks) and its local businesses, a blockchain or a section of code and obstacles to overcome”.
It remains to be seen whether Dorsey will take its Bitcoin (BTC) projects to Block. Among the entrepreneur’s initiatives are mining and the construction of a decentralized exchange (DEX).
The corporate name “Square, Inc.” must be legally changed to “Block, Inc.” by December 10, 2021, after all applicable legal requirements have been met. On the New York Stock Exchange (NYSE), the stock ticker will remain as “SQ” and shareholders will not be impacted by the change.
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