Compliance for Crypto

Square to Change Name to Block as It is Likely to Change Focus

Square, one of the largest crypto payment companies in the world, has announced that it would be changing its name to Block, which it says could mean anything including building blocks, local business communities among others.

But for those who are following the path taken by the company and its CEO, Jack Dorsey, tend to believe that this change of name would mean a change of focus of the company which is now likely to delve much deeper into blockchain and the crypto industry. The reason for this is because Jack had expressed his love for bitcoin and decentralization for some time now and even after resigning from Twitter, he has chosen to continue with the payments company which has been looking into crypto payment solutions very frequently nowadays. It is expected that Jack’s love is likely to get fulfilled with Square which would be made to run several products and projects on blockchain off the Block company.

“The name has many associated meanings for the company — 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,” the company said.

Of course, all this is conjecture at this point and only time will tell how far the company wishes to push into the blockchain industry and what other features and innovations that they would be looking into in the future. But we are seeing that large companies are increasingly leaning towards blockchain and crypto in recent times and this has improved the profile of the industry and turned the attention of the mainstream users to this space. At the same time, it has also brought along the attention of the regulators all over the world as well. It remains to be seen what kind of innovations that these big companies would be bringing along, to capture the attention of their userbase and how the regulators would be reacting to all these once-in-a-generation types of changes. It would be a challenge for all during this period as some of these changes are bound to hit at the basics of the financial ecosystem as we know it and this major change in mindset, that is needed, may not be easy for all.