Earlier last month, Jack Dorsey, the former CEO of Twitter, was in the news because of many things. First of all, he was not interested in cryptocurrencies and called investing money in bitcoin a nonsense thing. However, last month, he was very interested in bitcoin because of the increasing trend. Therefore, he decided to give the CEO post of Twitter to someone else and stepped down after the post. Therefore, he gave the reason that this is not something he does. There is the main reason behind it. We want to engage more in the cryptocurrency world because it fascinates him. Now, he is devoting his complete attention to Square, a vast payments app providing services in different countries worldwide. It is the mainstream project on which Jack Dorsey is focusing nowadays, and now, he has decided to change the name of Square to Block, according to Oil Profit official Site.
The vast players from all over the world have been the primary movers of the cryptocurrency is recent. Also, some very prominent people like the CEO of Tesla, owner of Microsoft’s and many more made statements that affected the crypto market very much. Now, Jack Dorsey decided to change the application name from Square into Block. For the people who have been keeping an eye on the actions of Jack Dorsey’s the trajectory might be clear, but for those who are not keeping an eye, it could be a little difficult to understand. He has been paying close attention to the cryptocurrencies like bitcoin and blockchain technology for a very long time. Earlier, he said that everyone must invest at the right time, but now, he is fascinated by blockchain technology.
Earlier, the Square was only an application that facilitated transactions in fiat currencies. However, now that things have changed. He added on the bitcoin functionality to the cash app named Square, and now, he stepped down from the CEO post of Twitter. Recently, he has been an active supporter of bitcoin and Blockchain technology along with bitcoin lightning at work because it enables the world to move towards modernisation. Therefore, he involved the system in his application and openly supported the spiral. He was already engaged in developing the NFT avatar integration of his new application before he stepped down from the CEO post. He focuses entirely on converting the square company into something that only deals in triple currencies and Blockchain. The main reason behind changing the name to Block is that the basis of any cryptocurrency transaction is Blockchain.
Square application is the one that of my transactions and transfer of money in fiat currencies. However, earlier, this company entirely dealt with Fiat currency is only. Because of this, it has already developed a considerable consumer base. The people it wants to target are already connected to the network, and therefore, it will be easier for the company to reach heights of success. When the company turns into a cryptocurrency platform, it will be easier to keep the people engaged. Reaching out to more and more people will be easier as there are people already in touch with the application, and therefore, it can get profits. Apart from involving the details about changing the application’s name, the company also said it would include some building blocks, neighbourhood blocks and many other things in the new application.
Also, recently, Facebook changed its name to Meta, and for every platform, the thing has been the same. To announce this change of name, Facebook collected a lot of fame and popularity because it had a huge press conference. The main reason behind the name change of Facebook is to divert the concentration of people from the regulatory and legal problems which it was facing. Earlier this year, Facebook was condemned for using people’s private information without permission. However, the reason behind changing the name of the payment application, Square, was not the same as Facebook.
On the contrary, changing the name of Square came after its concentration shifted from US currency to digital assets. This company has successfully worked in its line and not facilitated any regulatory crime against humanity. However, this company does not hold any enormous Press conferences to announce the name change. It indicates that the company has been thinking towards risk in the opposite direction. However, the investors of Square know very well that they are holding the share of an excellent company that is expected to grow in the coming future. Also, they have a little bit of fear that Jack Dorsey might use this application for his Blockchain panel.