Posted December 29, 2021
By Matt Insley
Square Meets Block
One of the biggest financial stories this month: Twitter’s co-founder and CEO Jack Dorsey is leaving his post at the social media giant to focus on his other business, digital payment company Square, Inc.
Which is getting rebranded as Block… short for blockchain.
Bitcoin itself kicked off blockchain technology; each block functions similarly to a “safe” which link together to form an expanding digital chain.
“Each block on the chain, all the way back to the first block (called the genesis block), stores a list of transactions that occurred on the network,” said Chris Campbell at our sister e-letter Laissez Faire Today in 2017.
For more on the significance of Square’s name change, read on…
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Your Rundown for Friday, December 29, 2021...
First Meta, Now Block…
“Square said the new name encompasses its various businesses better than the current name, which is mostly associated with its merchant-payment services,” says an article at the Wall Street Journal.
“However, the new name also happens to align with Mr. Dorsey’s interest in cryptocurrencies and the technology behind them, called blockchain.”
The name change also comes on the heels of Facebook’s new moniker…
According to WSJ: “[Block] holds about $220 million of bitcoin in its corporate treasury. Its CashApp business allows users to buy and sell bitcoin.”
Plus, Block (the ticker will remain SQ, by the way) added a new division in August to delve into “a blockchain-based exchange for trading crypto assets.”
Per Dorsey himself, regarding crypto: “I don’t think there’s anything more important in my lifetime to work on.”
Our takeaway? If one of the most prolific tech pioneers in recent years is buying into crypto, Main Street investors should seriously consider taking the plunge too.
You all enjoy your week, and we’ll be back Friday.
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