Square changes name to Block, signalling Jack’s interest in blockchain

Karthik Subramanian

Square, one of the largest payment companies in the world that are deep into crypto as well, has announced that it would be changing its name to Block, perhaps signaling its increasing intent to delve deeper into the blockchain.

Though the reasons behind the change of name have not been specified by the company, we had already mentioned in one of our previous articles that Jack Dorsey, post his resignation from Twitter, continues to be the CEO of Square and his life for crypto, blockchain, and decentralization is well known.

Boost for Crypto and Blockchain Industry

So, this may be another sign that Jack might be looking to push Square deeper into blockchain technology with a specific focus on bitcoin and its mining. This could be a big boost to the crypto industry as it is likely to bring in even more innovation and new features into an industry that has already seen a lot of innovation at a furious pace.

“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 company said.

Big Companies are Coming

It may also be remembered that Facebook had also recently changed its name to Meta which is another sign that a tectonic shift is taking place in the technology and financial space with a range of new technologies built around crypto and blockchain emerging at a fast pace. The larger companies have finally begun to realize the shift in the technology and have hence also decided to pivot their businesses into this new space which will, in turn, bring in the massive user base that these companies already have. This is probably the shift of the crypto and blockchain industry into the mainstream usage that these industries have been yearning for, over the last few years.

With specific reference to Square, Jack has been one of the strong proponents of bitcoin and its associated technology and the fact that he continued to stick on to his role at Square has only made it even more clear that he is likely to delve deeper into this industry and focus all of his attention in the crypto industry shortly. It will be interesting to see what direction his interest takes him and how it will benefit the industry as a whole.

Read this next

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<