Jack Dorsey's Company, Square Is Officially Rebranded To Block, To Focus On Crypto And Blockchain

JAKARTA – After resigning from Twitter, Jack Dorsey is rumored to be going deeper into the cryptocurrency space. This was proven by the announcement of Dorsey's digital payment company, Square, which changed its name to Block. The name Block itself refers to the technology that underlies crypto, namely Blockchain.

The company announced in a recent tweet that it is rebranding and will unite the company with Cash App which is a decentralized Bitcoin exchange project called tbDEX.

In addition, Block will also be merged with Tidal, a music and video streaming platform. The information also says that the Square Crypto line of companies, will also change its name to Spiral under the auspices of Block.

“Blocks refer to the neighborhood blocks where we find our sellers, blockchain, music-packed party blocks, obstacles to overcome, code sections, building blocks, and of course, the tungsten cube,” reads the Square announcement.

“We have been working to make this change for over a year, and it represents only a change to our official company name; not our goal, our vision, our structure or the way we operate.”

Square was changed to Block is not long after Jack Dorsey resigned from Twitter. Dorsey then hired Parag Agrawal as his successor on the social media platform with the blue bird logo.

At that time, it was rumored that Jack Dorsey would focus on developing the crypto and blockchain ecosystem through Square. This is similar to what Mark Zuckerberg did who changed the parent company's name from Facebook to Meta because Zuckerberg wanted to focus on developing the virtual world, the metaverse.

“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 improve access to the economy," said Dorsey.

Block will be used on 10 December. The company stated that although there was a change in the company name, there was no change in the organizational structure of Block, Cash App, Tidal, tbDEX, and Spiral.