Square, the company co-founded and run by cryptocurrency enthusiast Jack Dorsey, is changing its corporate name to Block, signalling a push beyond the company’s main sales and payments products into businesses such as music, cash transfers and the blockchain.
The company will continue to call its seller product Square, and the new corporate identity will not lead to any organisational changes. The company’s stock ticker – SQ – will also stay the same.
Chief executive Mr Dorsey, who resigned from the same role at Twitter earlier this week has long wanted to build Square from a digital payments company into a broader organisation with a number of stand-alone business units. In that vein, Square recently acquired Tidal, the music streaming service led by rapper Jay-Z, and started a financial services division focused on bitcoin called TBD54566975. (That unit’s name was derived from a positive numerology report linked to the number.)
The San Francisco company also owns Cash App, a consumer payments and investing product, and Square, its original sales and register service used by small businesses. As the company expanded, it became confusing to have a corporate name that overlapped with just one of its businesses. It is the same strategy that social media giant Meta Platforms adopted last month, when it changed its name from Facebook to widen the focus from its flagship product.
“We built the Square brand for our Seller business, which is where it belongs,” Mr Dorsey said . “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
The name Block has a number of inspirations. “Building blocks, neighbourhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code and obstacles to overcome,” Square said.
Linking the name Block to blockchain – the decentralised technology underlying cryptocurrencies and other digital assets – will certainly make sense to people who follow Mr Dorsey. The chief executive is a bitcoin fanatic and often tweets about the cryptocurrency and blockchain-related technologies. Square Crypto, a project aimed at advancing bitcoin, will now be called Spiral.
Mr Dorsey’s departure from Twitter this week led to speculation that he would be focusing more of his attention on Square – now Block – and its effort to move into new businesses, popularise digital currencies and use of the blockchain.
In recent months, Mr Dorsey has revved up Square’s efforts in several cryptocurrency-related areas. In October, he tweeted that Square is considering building a bitcoin mining system based on custom silicon that could be used by people and companies worldwide.
In November, Square published a white paper describing plans for a decentralised cryptocurrency exchange for trading bitcoin, fiat money or real-world goods.
ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
ZAYED SUSTAINABILITY PRIZE
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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UAE currency: the story behind the money in your pockets
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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