The Twitter the payment company of founder Jack Dorsey Square took on an extra dimension – probably crypto-themed – as the company changed its name to To block.
In a press release, the firm announced that “due to the name change”, its Square crypto unit, a “separate company initiative dedicated to the advancement of bitcoin (BTC)”, changed its name to Spiral.
His Twitter handle also changed to @spiralbtc – a clear sign in the direction of bitcoin.
Dorsey resigned as boss of Twitter late last month.
Spiral’s witty wordmakers streamlined the name change on Twitter, writing:
“Square Crypto is now Spiral. Since our formation, the spiral emoji has been part of our brand’s history, and given the possibility of changing our name to CoinSomething or BitWhatever, we’ve taken a different path. The spiral looks cool. What other reason do we need? “
As for what the newly renamed company will do, the company explained in a blog post that it plans to “double the number of full-time employees.” [developers] working on projects under the Spiral umbrella in 2022 ”, adding:“ We also plan to write more grants than ever in the coming year. “
The spiral continued:
“Square Crypto has never been the best name for our team.”
The company lamented the fact that its old name “draws a direct line between the benefactor company of which we are supposed to be independent [namely Square] and U.S.”
Also on Twitter, the still existing Square account Noted:
“Obviously Square Crypto no longer makes sense, so the team changes its name […]. This rebranding reflects their focus on bitcoin as it continues to spiral from a single point, encompassing more and more space until it hits everything.
Bitcoiner and investor Stephen Cole noted the importance of BTC in the @spiralbtc handle.
Dorsey has often made her take on bitcoin known online, often appearing to side with the so-called bitcoin maxis and downplaying the potential of rival blockchain protocols – a fact that has often angered Ethereum (ETH ) – and communities centered on altcoin.
In August, the Twitter founder appeared to “accidentally” share a post against ETH from a bitcoiner, leading ETH advocates to accuse Dorsey of baiting them. He responded by saying that he was not “hanging around” or “fighting” rival “projects”, but rather “endorsing” the concept that ETH “was not a good idea.”
The Dorsey’s Block business empire also includes To be determined (TBD54566975), a decentralized bitcoin exchange project.
As for the main Block / Square company and brand, the firm explained that Block had not completely crushed Square, noting:
“The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce, enterprise software and banking solutions to sellers, and this move allows the Seller business to own the Square brand for which it was designed.
However, far from the world of BTC-themed symbolism, some have expressed ironic reservations about the name change. Another quick-witted soul, this time a Redditor on the r / bitcoin submarine, pointed out that while the spiral may seem cool to bitcoiners, in the world beyond crypto it can often have negative connotations. The poster read:
“Spiral is a terrible name for a financial company.”
Meanwhile, Square / Block’s App Cash The mobile payment app has started supporting Taproot.
Taproot is considered the biggest Bitcoin upgrade in over four years. Finally activated on November 14, it came with Schnorr, a soft fork that improves privacy, scalability, and speed, and encodes multiple keys into one.
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