Home > Jack Dorsey’s Square changes corporate name to Block

Jack Dorsey’s Square changes corporate name to Block

Some traditional companies are starting to enter the cryptocurrency space as the market continues to grow.

Square, the payment company, owned by Jack Dorsey, has officially changed its corporate name to Block. This latest development comes as the company looks to go deeper into the cryptocurrency space.

The company announced yesterday that the name change would reflect the company’s growth. Square said the company would continue to trade under the SQ ticker, but its corporate name will now be Block.

Square has been one of the most active corporate entities in the cryptocurrency space. Led by Jack Dorsey, the company is currently building a Bitcoin wallet in a bid to make it easier for retail and institutional investors to gain access to cryptocurrencies. CEO Jack Dorsey said;

“We built the Square brand for our Seller business, which is where it belongs. 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.”

Dorsey resigned from his position as Twitter CEO earlier this week in order to face Square. Earlier this year, Dorsey said Square wants to build a decentralised business around Bitcoin. This is rare because most of the decentralised business is built around the Ethereum blockchain and other programmable networks like Solana and Cardano. The company stated that;

“The name Block has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,”

The cryptocurrency space has experienced massive growth over the past few years. The crypto market is now worth more than $2.5 trillion and is expected to record further growth over the coming years.

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