Square Inc., a payments company led by former Twitter CEO Jack Dorsey, announced today that it will completely rebrand. Altcoin project Blocknet (BLOCK) price also exhibits fluctuating movements up to 200%. Details cryptocoin.com‘in.
Square becomes “Block”
Square will now be known as Block. The company cited Blockchain as a reason for the name change:
The name Block refers to the neighborhood blocks where we find our vendors, a Blockchain, block parties filled with music, obstacles to overcome, a code section, building blocks and of course tungsten cubes.
The new name will encompass several company projects, including payment app Cash App, crypto division, music service Tidal, and DEX project TBD. Square will also rename its Square Crypto division to Spiral. Apart from these, the company’s seller service for traders will maintain the Square brand. The stock (SQ) will also stay the same. The change is very similar to Facebook’s decision to rebrand it to Meta. Square gave a nod to Facebook with the words “Not getting all the meta…” in front of the Twitter thread before explaining the rebranding in depth.
Square focuses on crypto
The news comes after CEO Jack Dorsey stepped down from Twitter on Monday. While Dorsey didn’t openly say he was leaving to focus on Square, previous statements dating back to June suggested he would leave Twitter to focus on Bitcoin if needed.
Square started out as a traditional payment processor, but the company’s business has gradually shifted towards Bitcoin. This November, it reported an 11% year-over-year increase in Bitcoin revenue and a 29% year-over-year increase in Bitcoin profits. The firm has also invested heavily in crypto. It currently holds over 8,000 Bitcoins (BTC) worth $459 million.
The price of altcoin project Blocknet (BLOCK) skyrocketed!
BLOCK price reacted 18% to the news. While rumors pushed up the price of BLOCK by more than 50% on 30 November, the biggest boom was on 1 December with 200%. BLOCK is currently trading at $1.67.
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