Just a couple of days ago, Jack Dorsey notified his , a company he founded and was in charge of for 16 years, through his Twitter profile. With this action, Dorsey left his CTO in charge of the famous social network Parag AgrawalWith Brett Taylor as a leader of the board of directors, with the certainty that both will guide the company to achieve its objectives. Now Dorsey will dedicate himself to redirecting his efforts towards another of his projects where he will continue to serve as CEO: Square.
In this way, the famous developer has proven to be in a year of incredible movement. This taking into account that in the last week he has resigned from Twitter, and now he has also a new name for your fintech.
Square will become one of the building blocks, Block
December has begun and with this new beginning Dorsey has decided to give a new image to Square, its mobile payment services company. Through an official statement, the company has announced that it will no longer be called Square, a name it took since its foundation in 2009, and will now be called Block.
Block is , , , , , and our foundational teams who support them. We’re here to build simple tools to increase access to the economy.
— Block (@blocks)
This change is intended to give the company, as a corporate entity, a name that integrates its different businesses that have expanded considerably in recent years, for example with Tidal, its music streaming service, CashApp, an online payment application and TBD54566975 , its open development platform that allows easy access to bitcoin and other cryptocurrencies. But even as Square has diversified with the addition of these new businesses, it maintains its goal of generate an ecosystem of digital economic empowerment.
Thus, the name of Square has also undergone a change, becoming mainly a synonym for its business aimed at merchants; that is, its various payment solutions, financing, banking. And in Dorsey’s words, that’s exactly where it should be.
“We built the Square brand for our seller business, which is where it belongs (…) Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
Jack Dorsey Bets Big On Crypto With Block Renown
In addition to the corporate name change, one of the businesses that now make up the company has also presented a new image. The initiative of SquareCryptofocused on boosting and promoting Bitcoin, will now be called Spiral.
However, this is not the only foray into the cryptocurrency ecosystem by the Square CEO, who even has a biography on his Twitter profile: “#bitcoin”. At the beginning of the year, Dorsey, together with rapper Jay Z, developed a project called trust.
This would have as an initiative to encourage the development of the crypto economy in developed countries, seeking to increase the presence of Bitcoin in said countries. This approach to cryptocurrencies, along with the company’s different acquisitions, define the current focus of the company, which serves many different people: artists, fans, developers, users and sellers.
With this series of modifications made in his company, the board affirmed that his legal change from Square Inc. to Block Inc. scheduled for December 10, will not in any way affect the legal context of your actions. Even the name of its shares on the stock exchange (SQ), which currently has a value of $181.31 dollars, around €160.65, will not undergo any change.
Square closes the third quarter of the year with an increase of more than 7,000 dollars in its total income
If the current situation of Square and its update on its corporate name has shown anything, it is that its presence within the digital economy has been gaining more and more strength. This is mainly due to its acquisitions, such as Tidal or Cash App, or even the purchase of Afterpay a few months ago, which gave its seller business a new dimension in terms of customers and alternative payment offers.
On the other hand, their approach towards cryptocurrencies has also presented a huge boost for the business. During the first three quarters of the year, the company has managed to amass $13,582,669 dollars (€12,034,720), of which $8,051,026 dollars (€7,133,491) come directly from its Bitcoin revenue. These figures represent an exponential growth with respect to its performance in the last fiscal period, where total income was $6,338,608 dollars (€5,616,228).
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