Rename Square to block; Is Jack Dorsey the next destination in China?

After Jack Dorsey stepped down as Twitter manager, Square, another collection led by the figure, announced that it had changed its name to Block. The name change is a prelude to the company’s wider entry into the Chinese blockchain.

To Report Square Crypto, a payment company headed by former Twitter CEO Jack Dorsey, has announced that it will continue to operate under a new name.

Square is now known as the block, and China blockchain activity has been cited as one of the reasons for the name change.

The company wrote in a not-so-clear message on Twitter:

“Block” refers to the adjacent blocks in which we find our vendors, and in addition to that, the blockchain, block parties full of music, obstacles to be overcome, part of the code, components, and of course tungsten cubes. .

The new name includes the various projects in the series, including the Cash App payment program, the Square digital currency section, the Tidal music streaming service, and the decentralized exchange project “TBD”.

Square has also renamed its digital currency special section Spiral. According to Block, the new name refers to the fact that bitcoin “continues to grow like a spiral geometry from one point and takes up more and more space until it has access to everything.”

Square’s business sales service will maintain the Square brand. The square symbol on the stock market will remain the same as “SQ $”.

This change is very similar to Facebook’s recent decision to change its name to Meta. Even before explaining the renaming further, Square referred to the Facebook move in the introduction to his tweet, saying, “It is not your responsibility to achieve everything in the meta.”

The news came after Jack Dorsey resigned from Twitter on Monday. Dorsey did not explicitly say she left Twitter to focus on Square; However, his previous remarks, which date back to June, indicate that he has left Twitter to focus on bitcoin if necessary.

Square started out as a traditional payment service provider, but the company’s business has increasingly shifted to bitcoin. Square reported in November that its revenue from bitcoin was up 11 percent from last year and its profits from providing services related to this digital currency were up 29 percent.

Square also has a large investment in the bitcoin market, with an estimated stock value of 8,000 bitcoins at about $ 459 million.