The news about Jack Dorsey leaving Twitter went viral on social media platforms all around the world. However, it seems that Dorsey has big plans for the financial services provider firm called Square Inc. Wasting no time, the company has decided to announce a rebrand and chosen the name Block.
The new title of the company alludes to its focus shifting towards building technology-based blockchain infrastructure. In a media statement, Dorsey claimed that the name of the company might have changed, but the vision remains the same for steering the enterprise towards bringing economic empowerment to the masses.
Multiple Projects will Run under Block
The official Twitter account of Square Inc. has shared the details relating to the new rebranding transformation. The tweet reveals that the Block will be merging with a decentralized cryptocurrency exchange called tbDEX. Another important enterprise working under Block is CashApp.
Furthermore, an online MP3 and MP4 streaming platform called Tidal is also merging with Block. It is important to note that all of these organizations, in addition to the Square, will now be spearheaded by one brand name called Block. Square management further added that Block also refers to the neighboring blocks where sellers, music, code sections, forums, extensions, and tungsten cubes can be found.
The management of Block recently told media that the company has been working on making the transition happen for a year. The new Block CEO, Jack Dorsey, who has departed from his position at Twitter, stated that the company would keep working on innovative tools that allow the masses to get access to economic autonomy and empowerment.
The organizations that will be operating under Block are CashApp, Tidal, tbDEX, and Square. However, before Square crypto is added to the Block family, its name will be changed to Spiral. The management of Square Inc. has also clarified that no major organizational changes are going to be implemented on any of the Block firms.