Yesterday payments firm Square said it is rebranding to Block, just two days after its CEO Jack Dorsey announced he’s stepping down as Twitter CEO. Dorsey has made no secret about his affinity to blockchain and cryptocurrency. However, Square is in a unique position to drive the sector forward.
But first, the rebranding. The company is best known for its CashApp and point of sale solution for sellers. The seller solution retains the Square name. Two weeks ago, the company unveiled a whitepaper for its latest initiative, TBD54566975, which uses decentralized identity to provide on and off-ramps for crypto-assets and decentralized financial services. And then there’s TIDAL, the streaming music service Square acquired from Jay-Z in March.
In the announcement, the company said Block is only partly a nod to blockchain. “The name 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,” reads the statement.
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