Just days after Jack Dorsey announced his resignation as CEO of Twitter his second company Square decided to rename it Block, which suggests that it is even more focused on BTC.
“Block is a new name, but our purpose of economic strengthening remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy. ” said Jack Dorsey, who is known as a great supporter of BTC.
It is clear from the name Block that it has a connection with BTC or blockchain technology. BTC transactions are stored in so-called blocks, which are mined by miners to remain unchanged in history. In the case of BTC, the miners extract one block in an average of 10 minutes, for which they receive a reward of 6.25 BTC. After halving in 2024, it will be only 3,215 BTC.
Square said the rebranding would combine the payment company together with the Cash App, tbDEX BTC decentralized exchange and the Tidal music and video streaming platform. The accompanying press release also states that Square Crypto, a branch of the company focused exclusively on cryptocurrencies, will change its name to Spiral and join Block.
,, Block refers to neighboring blocks, where we find our dealers, blockchain, block parties full of music, obstacles to overcome, building blocks and of course tungsten cubes, ”The company said in a presentation. “We’ve been working on this change for over a year and it’s just a change of our official name, not our purpose, vision, structure, or how we work.”
Square said the name would change legally on December 10. According to the company, there will be no organizational changes in the company.
Leading BTC company
Square, respectively Block, is one of the most active companies in connection with BTC. In addition to the aforementioned decentralized exchange for BTC (tbDEX), also works on his own hardware BTC wallet, hardware solution for domestic BTC mining or startup in cooperation with Adam Back Blockstream, which is to present the efficiency of BTC mining using solar panels. Through its Cash App, Americans have easy access to buy and sell BTC.
Square is also the third largest publicly traded company to own BTC – according to the latest update, it has 8027, which is currently the equivalent of about $ 455 million.