Just two days after appointing India-born Mr. Parag Agarwal as the new CEO of Twitter, founder Jack Dorsey has set himself up for another mission.
The Twitter founder hints at focusing heavily on developments in the blockchain and crypto space.
Yesterday, Wednesday, December 1, Dorsey’s financial services company, Sqaure Inc., announced that it is rebranding it as “Block Inc.”
Alluding to the company’s transition to the blockchain.
In justifying its rebranding, the company said Sqaure Inc. has grown beyond a financial services company, citing its recently acquired stake in music streaming service Tidal.
Speaking about this development, the company’s CEO and co-founder, Jack Dorsey, said:
We’ve built the Square brand for our seller business, where it belongs.
Block is a 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 increase market access.
The slow transition from Sqaure Inc to Block Inc will occur by December 10, 2021.
However, the company’s “NYSE” ticker symbol will not change and will remain under the SQ name at least for the time being.
Block Inc represents the company’s exponential growth:
The name change to “Block Inc” is an acknowledgment of the company’s growth.
Since its establishment in 2009, the company has added many companies under its umbrella such as “Cash App”, “TIDAL” and “TBD54566975”.
Despite the rebranding, all of these companies will continue to maintain their individual branding.
Block Inc will operate as an umbrella system of various companies united with a common goal of economic empowerment, which will include a community of sellers, developers, individuals, artists and fans.
According to the official press release, the following:
The name has many meanings associated with the company.
Block stands for building blocks, neighborhood blocks and their local businesses, and the communities that come together in block parties filled with music, blockchain, a bit of code, and obstacles to overcome.
Jack Dorsey’s stepping down from Twitter shows that he will remain more focused on further developments in blockchain and cryptocurrency.
Dorsey has been a staunch supporter of bitcoin and believes in its potential to be the internet’s currency, and it seems that he intends to branch out further into this.
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