Jack Dorsey Leaves Twitter, Changes Square's Name to 'Block' After Two Days

▲Jack Dorsey, Twitter Founder and Square CEO [Image Source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] The fintech company Square, led by Jack Dorsey who stepped down as CEO of Twitter, will change its name to "Block." This announcement came just two days after Jack Dorsey left Twitter.

According to CNBC on the 1st (local time), Square, where Jack Dorsey serves as CEO, announced that it will change its name to "Block" starting December 10.

On the 29th, Jack Dorsey stepped down from his position as CEO of the social media (SNS) platform Twitter, which he founded. Industry experts anticipated that he would focus on Bitcoin-related businesses, and this announcement just two days after his departure from Twitter is seen as a "predicted move." Jack Dorsey is a prominent Bitcoin advocate.

When announcing the name change, Jack Dorsey said, "Block is a new name, but our purpose of economic empowerment remains the same," adding, "No matter how we grow or change, we will continue to build tools that help increase accessibility to the economy."

This move by Jack Dorsey is interpreted as a strategic step to expand Square’s business scope, which has been centered on traditional credit card payment services, into blockchain technologies such as Bitcoin.

CNBC analyzed, "This indicates that Square intends to focus on new technologies like blockchain and move beyond the credit card payment business in the future."

Square stated, "The name 'Block' encompasses many meanings?from stacking blocks, to local or community units, a line of code, blockchain, and obstacles to overcome," adding, "This is closely connected to the company’s further growth."

Meanwhile, Square, founded by Jack Dorsey in 2009, provides credit card payment services for small business owners. Since 2018, it has offered Bitcoin trading services, and in June, it invested $5 million (approximately 590 million KRW) in Blockstream, a Bitcoin mining company. The Bitcoin held directly by Square amounts to approximately $470 million.

This content was produced with the assistance of AI translation services.