A few days after Dorsey left his old job, he announced that Square would be renamed "Block". This name change sparked the idea that Jack Dorsey, who is known as a prominent Bitcoin advocate, could focus more on cryptocurrencies and Blockchain due to the compatibility in his brand name.
A similar move came from Facebook in the recent past. The social media giant had changed its name to Meta. It appears that Jack Dorsey followed Facebook's policy. Square also includes the music platform Cash App, Tidal, and TBD54566975, the music platform acquired this year, offering financial services supported by Bitcoin payments.
Dorsey, who is one of the 4 people who founded Twitter, founded Square in 2019, which he changed to "Block". Founded 12 years ago, Square has become a more valuable company than Twitter during this time.
Square CEO Jack Dorsey said in a statement on the subject that the company will continue to create tools that will allow it to increase access to the economy in line with its goals to become even stronger with its new name.
As a result of these moves, comments came that former Twitter CEO Dorsey could make moves to increase his weight in the crypto money industry in the coming periods.
Jack Dorsey made the following statement about the biggest cryptocurrency at the Bitcoin conference he attended earlier this year.
“I don't think there will be anything more important to work on in my lifetime.”
It is also known that Square is one of the corporate companies that hold Bitcoin on its balance sheet. It is known that there are 8,027 Bitcoins in the Square portfolio with a cost of 220 million dollars according to the latest data.
While Square's cryptocurrency-related activities include the ability to trade Bitcoin with the Cash App application, it was announced last summer that the company set up a unit to create a Blockchain-based cryptocurrency exchange.
It is stated that the Square name change will take place on December 10, 2021. The company's name will be changed to "Block", and the stock symbol will remain as "SQ".