Twitter became a space for everyone to share their thoughts instantly. A user was required to be a writer, unlike other blogging platforms. Anyone with a unique or a great thought could publish his or her tweet within 2-minutes.
The energy will carry forward to Spiral with Jack Dorsey committing that the focus will now be on making Bitcoin a preferable global currency over the traditional currency.
Rebranding the initiative and its subsidiary holder has been an important part of this commitment.
Jack Dorsey recently stepped down as the Chief Executive Officer of Twitter, a micro-blogging platform. The news was surprising to a few, excluding those who knew what his plans were for the future.
The co-founder of Spiral said that the earlier name reflected the objectives of the bitcoin funding initiative in an incorrect manner. The word crypto gave everyone an idea about its involvement in Cryptocurrency as a whole market.
The functions are completely streamlined to handle the operations of Bitcoin only. Additionally, Spiral reflects the stand of the team that grows like a spiral. It touches every aspect as it moves forward into the future.
The rebranding of Spiral led to Square making some changes as well. While its ticker symbol on the New York Stock Exchange will remain SQ, Square will officially change its corporate brand name to Block Inc.
The change is expected to come into effect on December 10, 2021.
The rebranding of Square aims to represent its Block Seller business. The additional reasons for rebranding the corporate name have been quoted as improving its subsidiary, Square’s product lines, and offerings.
Jack Dorsey published a tweet saying that even if the bitcoin initiative had been rebranded, its purpose of empowering the economy of Bitcoin would remain the same. He further assured that the team would continue to invest its efforts to gain more access to the economy.
Bitcoin has a long road to travel before it can see the light as a preferred global currency. One can expect it to remain a suitable option as a Cryptocurrency for a while. One can hope that it becomes a globally accepted currency with a value of being more than an investment.