Jack Dorsey Focuses On Bitcoin After Stepping Down As Twitter CEO

Jack Dorsey has shocked everyone when he announced on Monday that he would be stepping down as Twitter’s CEO. The long-time boss of the company which he had founded had herded it into new heights, making it one of the social media giants. However, it seemed his run had eventually come to an end when he announced that he was resigning and software engineer Parag Agrawal would be taking over from him.

There were speculations in the crypto space about the reason for this move on Dorsey’s part. Many put forward that the ex-CEO who has been heavily involved in the crypto space was stepping down as CEO of Twitter to focus more on his other ventures that are focusing on crypto, mainly Bitcoin. This has proven to be the case according to Square’s latest announcement.

Square Inc. Is Now Block

Just as Square Crypto is now Spiral, Square Inc. has also rebranded to Block. This name change was announced in a press release on Wednesday. This was done to separate the corporate entity from its other businesses. There will be no organizational changes with the name change. Square Inc. (now Block) will continue to operate as it always has, as will all the brands under its umbrella.

Related Reading | Payments Giant Stripe Is Not Ruling Out Crypto Payments, Says Co-Founder

Dorsey who recently left Twitter looks to have stepped into full capacity as CEO of Block. In the statement, Dorsey said, “We built the Square brand for our Seller business, which is where it belongs. 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.”

Square Crypto Is Now Spiral

Square Crypto has announced that it is undergoing a total rebrand. Under this rebrand, the name of the company had been changed from Square Crypto, which has become a familiar name in the crypto space, to Spiral. In the announcement, the company stated that the rebrand had been long-overdue, adding that “Square Crypto was never the best name for our team.”

BTC price slumps to $57K | Source: BTCUSD on TradingView.com

The name change was done in an effort to break the direct line of connection between its corporate benefactor and the company. This will enable Spiral to standalone as its own without being associated at every turn with its corporate benefactor.

As for how the name was chosen, it turned out to be a much simpler process than most. There was no deep meaning behind the name beside the fact that “it looked and sounded the coolest.” In addition to the blue spiral being the favorite emoji of the company from the beginning.

Plans For Expansion

The year is almost at its close and as such companies have begun to make plans for the coming year. For Spiral, the year 2022 will be a year of expansion as it will be working on a number of projects in the new year. To do this, Spiral (formerly Square Crypto) plans to double the number of full-time developers in the coming year.

Related Reading | Billionaire Tells Investors; “Buy Bitcoin Right Now”

Some of the projects the devs will be working on include the Lightning Development Kit (LDK), the Bitcoin Development Kit (BDK), the grant program, and the Bitcoin Design Guide and Community. Spiral’s mission has always been to simplify adding the Lightning Network to anything and these projects contribute to that mission.

Featured image from MARCA, chart from TradingView.com