Square changed its name to Block after Twitter co-founder Jack Dorsey stepped down as CEO of the social media platform to focus on Square and crypto. The new name Block is an obvious reference to blockchain, so let’s see more of it in today’s crypto news.

Dorsey has stepped down from Twitter to focus more on his other company, financial payments company Sq. But many wonder what that means for both the business and its crypto ambitions. Dorsey put out some sort of response when it was revealed that Square had changed its name to block the reference blockchain, the technology behind Bitcoin. Not that the company is saying so, but Block says it “makes room for further growth”. Dorsey said in a press release:

“We built the Square brand for our merchant business where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. Regardless of how we develop or change, we will continue to develop tools to improve access to the economy. “

We are changing the company name to provide full coverage @Square Brand for our seller business. So now we need a name to stick with @Square, @CashApp, @TIDAL, and @ TBD54566975 together to one. That name is “Block”. Why? https://t.co/vVSKNnMUU3

– square (@square.) December 1, 2021

Square meter has experimented with a lot of crypto-based ideas like we saw them back in November when they published a whitepaper for a decentralized exchange for trading Bitcoin and other assets. Dorsey also said the company is considering building bitcoin miners that will work with hardware wallets under development. Selling Bitcoin is also a great source of income for Sq. Income App has been for years as it posted $ 1.81 billion in revenue and $ 42 million in profit in the most recent quarter.

OH! Apparently square. Crypto doesn’t make sense anymore, so the team changes their name to Spiral (@spiralbtc). This rebranding reflects their focus on #bitcoin while from a single point it continues to spiral and cover more and more space until it touches everything.

– square (@square.) December 1, 2021

On the flip side, Square Crypto is being renamed Spiral as the wing of the company promoting Bitcoin use cases. Dorsey stated that he will be leaving Twitter and Sq. If bitcoin needs it more and now it looks like one name change could be more than enough.

As recently reported, Twitter co-founder Jack Dorsey has announced his resignation as CEO of the social media company, which has only fueled rumors that he will be focusing on Bitcoin from now on. In his resignation letter posted on the social media platform, Dorsey explained the limitations of founder-funded companies, saying he found these setups risky and constrained companies in the sense that they were a single point of failure.

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