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