Jack Dorsey, the co-founder and CEO of the social media giant Twitter and it’s parent company Square Inc., gave up his position as Twitter’s CEO to Twitter’s now former CTO Parag Agarwal earlier this week. While Dorsey seems to have chosen Square Inc. over Twitter, and has reportedly rebranded the company to ‘Block’.
This rebranding as well as Jack Dorsey’s decision to leave his position at Twitter really makes sense, given Dorsey’s excitement around blockchain and cryptocurrency. Something that was really pushed forward during his time at Twitter.
The rebranding of Square Inc. the payments focused company as ‘Block’ would really help the company to re-establish its image, as it plans to become a DeFi (Decentralized Finance) service provider, with its new ‘TBD54566975’ initiative which could very well be a payment service for the general public that will be working on the underlying technology of blckchain.
Apart from the new brand name the company has also unveiled its new logo, while the Square Crypto initiative which provides Bitcoin to fund new ventures, has also been rebranded as ‘Spiral’. However, Square Inc’s stock on the New York Stock Exchange (NYSE) will still be listed be as SQ.
Overall, this seems similar to what Facebook did with Meta, which is ment to be an umbrella organisation for its other child company including Instagram, WhatsApp etc.
While Meta’s rebranding was just a gimmick to distract the public from a massive scandal, The Square Inc’s rebranding seems much more meaningful and interesting. This change will help Square Inc. to re-establish itself as an Umbrella organisation with its other companies namely Cash app, Weebly, Tidal Music, etc under it.
Also Read: Twitter CEO Jack Dorsey Resigns From Twitter
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