Block, the strange company with which Jack Dorsey wants to dominate the blockchain and crypto world

Jack Dorsey left twitter just a few weeks ago to supposedly focus on Square, the payments company of which he was also its CEO – a duplicity that had in fact caused more than tension among some big Twitter investors. Dorsey is surely the last great founding CEO with a philosophy and way of approaching things somewhat free, for better and for worse. And now, to redouble the bet on his new object of desire. Square has been renamed Block in a movement to bring together other initiatives under the seal of trying to advocate the path of massive implementation of blockchain technology in the payments market.

As has happened with other name changes such as Alphabet/Google o Facebook/Meta, Block will continue to use Square for its core business, which includes payment systems and banking products for merchants. The new name, which took effect on the 12th anniversary of Square’s launch, reflects the broader scope of the company’s business, which now includes the personal payment service. Cash App, the music service Tidal (which was mostly acquired by Square in March 2021) and a fledgling crypto-based open developer platform that it calls TBD54566975. Yes, a bit weird name the latter, but what could we expect of something surrounding Dorsey.

In its statement announcing the change, Block marvels at the connotations contained in its new moniker: “Building blocks, neighborhood blocks and their local businesses, communities gathering at music-filled block parties, a blockchain. ), a section of code and obstacles to overcome … “, he says.

Block wants to be the reference company in blockchain

Block’s animated logo

Buried in the middle of that list is the one most likely to have driven change: blockchain. Square, and in particular Dorsey, has embraced the cryptocurrency revolution. In this sea of ​​changes the company’s Square Crypto division will now be called Spiral, also separating their products.

Block reúne bajo su marca a Square, Spiral, Tidal, Cash App y TBD54566975

Here’s another linguistic feature: As with Alphabet, it made a similar move when it changed its name from Google and called its various businesses “gambling” (betsBlock will refer to its divisions as “building blocks” (building blocks).

Block says that on top of that, the rest of things at the company will stay the same for now, with employees dedicated to everything they did before. The new corporate website will have the address of block.xyz, because the domain block.com seems to belong to a cryptocurrency firm that has not yet been born. Things of buying and selling domains. The company’s symbol on the New York Stock Exchange, SQ, will remain unchanged for now.

In a way, with Block, Dorsey achieves its own ecosystem of companies that knock on doors in different sectors, from payments in stores in Fiat money, through cryptocurrencies, to streaming music services with Tidal, whose visible face is still Jay-Z.

Dorsey said in a thread in a statement: “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy. “

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Block, the strange company with which Jack Dorsey wants to dominate the blockchain and crypto world