When Jack Dorsey revealed that he would be stepping down as CEO of Twitter on Monday, everyone was taken aback. The long-time CEO of the firm he created had led it to new heights, making it one of the social media behemoths. However, it appeared that his tenure was coming to an end when he announced his resignation and that software developer Parag Agrawal would take over.
The reason for Dorsey’s decision has sparked discussion in the cryptocurrency community. Many speculated that the ex-CEO, who has been highly involved in the crypto area, would stepping down as CEO of Twitter to focus more on his other crypto-focused projects, including Bitcoin. According to Square’s most recent release, this has proven to be the case.
Square Inc., like Square Crypto, has changed its name to Block. On Wednesday, a press statement announced the name change. This was done to distinguish the corporate body from its other operations. With the name change, there will be no organizational adjustments. Square Inc. (now Block) will continue to function as usual, as will all of the brands that fall under its umbrella.
Dorsey, who just departed Twitter, appears to have assumed sole responsibility as CEO of Block. Dorsey stated in the statement, “We established the Square brand for our Seller business, which is where it belongs.” Block has a new name, but our goal of economic empowerment hasn’t changed. We will continue to design tools to assist broaden access to the economy, regardless of how we grow or evolve.”
Square Crypto has announced that it would be completely rebranded. The company’s name was changed from Square Crypto, which has become a well-known name in the crypto field, to Spiral as part of this rebranding. The firm noted in the release that the redesign was long overdue, adding that “Square Crypto was never the appropriate name for our team.”
The name change was made in an effort to remove the direct link between the firm and its corporate patron. This will allow Spiral to stand independently without being constantly identified with its corporate sponsor.
The process of selecting a name turned out to be considerably easy than most. Aside from the fact that “it looked and sounded the coolest,” there was no deeper purpose behind the name, in addition to the blue spiral being the company’s preferred emoji from the start.
As the year draws to a close, businesses have begun to make preparations for the following year. The year 2022 will be a year of expansion for Spiral, as it will be working on a variety of initiatives in the new year. Spiral (previously Square Crypto) intends to quadruple the number of full-time developers in the coming year to accomplish this.
The Lightning Development Kit (LDK), the Bitcoin Development Kit (BDK), the grant program, and the Bitcoin Design Guide and Community are among the initiatives on which the developers will be working. Spiral’s purpose has always been to attach the Lightning Network to anything as simple as possible, and these initiatives help achieve that goal.