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Square is renamed Block as the focus shifts to blockchain

Square is renamed Block as the focus shifts to blockchain

“Block” –is the new name, but our goal –of economic empowerment –remains the same. No matter how we grow or change, we will continue to build tools to help expand access to the economy” said Jack Dorsey. Square, a digital payments company, announced that it has changed its company name to Block, apparently signaling a move to blockchain technology. In a tweet Wednesday, Square said the rebranding would merge the payments company with Cash App, the decentralized bitcoin exchange (BTC) project tbDEX and music and video streaming platform Tidal. An accompanying press release says Square Crypto, the cryptocurrency-focused arm of the payments company, will also change its name to Spiral and join the Block family.

“Block” refers us to neighborhood neighborhoods where we find our vendors, blockchain, block parties full of music, obstacles to overcome, code division, building blocks and, of course, tungsten cubes” –Square said. “We've been working on this change for over a year, and it's just a change to our official corporate name; not our purpose, our vision, our structure or the way we operate”. The rebranding came just two days after Square CEO –now Block –Jack Dorsey resigned from his Twitter post, citing the need to give his deputy, CTO and board member Parag Agrawal, space to work without his influence over the social media giant. At the time, many speculated that Dorsey would delve into cryptocurrencies and blockchain through Square's operations, just as Facebook shifted its focus from social media by rebranding to Meta. “Blockchain –is a new name, but our goal –of economic empowerment –remains the same”, –Dorsey said of the name change. “Regardless of how we grow or change, we will continue to create tools to help expand access to the economy”.

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