Crypto Currency News

Square changes its name and Jack Dorsey plunges into the crypto ecosystem

The firm will now be called Block, and the crypto subsidiary will become Spiral.

Earlier in the week, Jack Dorsey surprised everyone by resigning from his position as CEO of Twitter. It quickly emerged that the decision was to focus more on his projects related to cryptocurrencies, something that he himself had anticipated a few months ago. It finally did, and its new crypto path begins with a facelift for Square.

Square, the financial from which Dorsey carried on much of their crypts projects (blockchain project financings, institutional investment on the market and others) will now be called Block Inc. Square Crypto, the subsidiary focused solely on the development of Bitcoin, will begin to be Spiral.

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As explained by the company, the decision to change the name was mainly due to some semantic confusion. Square Crypto referred directly to Square, which they referred to as a “corporate benefactor” from which they are supposed to be independent. Furthermore, “Crypto” also lent itself to misunderstanding, as the company focuses solely on Bitcoin.

“We have been working for more than a year to make this change, which only represents a change in our official corporate name; not our purpose, our vision, our structure or our way of operating,” Square announced on its Twitter account. In addition, he clarified to his shareholders that the price ticker will continue to be $ SQ.

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“We created the Square brand for our seller business, which is where it belongs. Block is a new name, but our purpose for economic empowerment remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy,” Dorsey slipped in the statement.

The legal change from Square Inc. to Block Inc. will be on December 10.

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