Goodbye Twitter, hello crypto
Now it is official.
Jack Dorsey, the hip and cool Californian whose successful ventures are more than well documented over the past 15 years, has done what he quietly admitted he would like to do and go full scale into the world of cryptocurrency.
Those who observed the news which went viral last week regarding the imminent departure of Jack Dorsey from his position of CEO at Twitter, a company he co-founded in 2006 which quickly rose to such a level of dominance that even presidents of countries use it to convey important messages, would have noticed something else, which is most certainly more interesting than the standing down of a long-employed CEO.
Jack Dorsey, love him or hate him, is a creator and an entrepreneur. His long stint at Twitter was always interesting, as an innovative mind cannot often remain in one place for long.
For 12 of those 15 years, Jack Dorsey was also CEO of Square, the San Francisco fintech giant which is renowned across the entire world for its digital payments platform. Given that Jack Dorsey also co-founded Square, surely something would be brewing there?
Well, it was, and is doing.
Jack Dorsey last week admitted during a television appearance that “If i were not at Square or Twitter, I would be working on Bitcoin”.
Just three days later, and suddenly Square, a huge company with an annual revenue of $9.49 billion has now announced that it is changing its entire branding to Block, which the company states is in line with plans to invest heavily in blockchain infrastructure and go down the cryptocurrency route.
Some tech commentators are today saying that Jack Dorsey’s interest in blockchain is an ‘obsession’, however it is definitely a calculated move because this rebrand and new direction includes the personal payment service Cash App, the music service Tidal, and a nascent crypto-based open developer platform called TBD54566975.
In a statement about the change from Square to Block, the company has generated a new tagline, that being “Building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”
Now, getting into the entire blockchain space for Jack Dorsey is a main focus. By stepping down from his role at Twitter and concentrating on one CEO position of what is now about to become a huge cryptocurrency payments network and create accessibility for all of its existing users to the blockchain infrastructure world, this is very big news.
So, with Block as the overall company, blockchain is a priority. Square’s crypto entity will be renamed Spiral, however Block says that everything else at the company will be the same, with employees engaged in everything they did previously.
Yes. That and taking part in a huge crypto revolution.
We all know that Jack Dorsey and Mark Zuckerberg do not get along, and have clashed a few times as giants of the social media world, but will Jack Dorsey now go head to head with Elon Musk?
This means that the crypto space is once again becoming infinately bigger as yet another huge influencer with a huge network goes all in for digital currency.