BTC is the New Focus of Jack Dorsey After Recusing Himself from Twitter CEO Position

Jack Dorsey surprised the world when he made his announcement earlier this week via Twitter that he is stepping down as CEO of Twitter. 

The announcement revealed that Dorsey will be stepping down, and his successor will be Parag Agrawal, the software engineer. Jack Dorsey founded and raised Twitter to become dominant in the social media industry. Nonetheless, rumor has it Jack Dorsey is focusing on new projects, no doubt related to cryptocurrencies.

The reason behind Dorsey’s move was the subject of discussion in the crypto community. Many suspected that the former Twitter CEO, who has been highly involved in the crypto industry, would leave his immense responsibilities at Twitter to articulate his energy on his other crypto-related enterprises, Bitcoin (BTC) in particular. Square in its last announcement confirmed as much.

Square Inc. has changed its name to Block, similar to how Square Crypto has changed its name to Spiral, which was announced via press release yesterday. This was done to keep the corporate entity separate from the rest of the company’s operations. With the name change, there will be no structural adjustments. Square Inc. (now Block) and all of its brands will continue to operate as they have in the past.

Dorsey seems quite taken with his new position as the Block CEO, having declared “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.”

As Square Crypto has dedicated itself to complete and utter rebranding, the name change is a big part of this transformation. Though Square Crypto is a well-known name in the crypto industry, the team apparently felt that this name was never adequate, hence, changing it to Spiral. 

Aside from the rebranding, the name change was also done in order for the company to be separated from the benefactor. However, there is no complicated story or revelation behind the new name, except for being more likable and catchy to the team, which is based on the most used emoji from the company: the blue spiral. 

With the new name also come new projects. Spiral is reportedly planning to expand into new project developments, as they plan to hire double the developers they currently have for the year 2022. 

The Lightning Development Kit (LDK), the Bitcoin Development Kit (BDK), the grant program, and the Bitcoin Design Guide and Community are among the initiatives on which the developers will be working. Spiral’s purpose has always been to make attaching the Lightning Network to anything as simple as possible. These projects will accelerate the pace and do just that.

Also read: Stop Printing Money – El Salvador President’s Request to the Federal Reserve Chair