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Jack Dorsey Rebrands Payments company Square to Block |
One of the most shocking events which dominated the headlines both in and outside of the cryptocurrency community was that of Jack Dorsey announced that he will indeed be leaving his position as Twitter CEO behind. However, what is perhaps even more intriguing is the fact that not long afterward, Jack also announced that Square, a financial payments company of which Dorsey is the current CEO, shall be rebranding itself as Block in the near future. SQ shall remain the official stock ticker for now.
Many had since speculated with varying degrees of accuracy that Jack had hence accomplished what he had set out to do back in 2006 with the formation of Twitter and the subsequent revolutionizing of social media as we know it, and is now focusing his efforts on Web 3.0.
Square is Out, Block is In
Dorsey has been obsessed with cryptocurrencies and blockchains, particularly Bitcoin, for several years now. He has extensively pushed for and backed the advancement of the Bitcoin Lightning Network, as well as personally assisted Bitcoin developers through a unit known as 'Square Crypto', which shall also reportedly be rebranded as 'Spiral'.
Furthermore, the enhanced Square's Cash App with Bitcoin capability. In related news, he also implemented Lightning-based tipping on Twitter and guaranteed NFT (non-fungible token) avatar inclusion prior to actually stepping down.
Now though, he plans to develop Square into a full-fledged cryptocurrency as well as blockchain corporation. There isn't much else to say about the name change to 'Block', as not only does this indicate Jack’s interest in the cryptocurrency and decentralized finance sector, but it is also is a term used by many in this industry including but not limited to ‘Blockchain.com’, ‘The Block’, ‘Blockworks’, and many more.
A New Era?
However, Block appears to be understating the seemingly unmistakable crypto-oriented parts of the rebranding. Blockchain was undoubtedly the main inspiration for the rebranding, but it's sandwiched between drivel such as building blocks, neighborhood blocks and their local businesses, music-based block parties, and more.
This is in stark contrast to the other significant name change in the last month when Facebook became ‘Meta’. Facebook went all-in on declaring the turnaround, and it has since received a lot of press coverage.
The difference here though is that Facebook was attempting, at least in part, to divert attention away from the legal and regulatory issues that have plagued it. Another problem is that some believe the transition from social media advertising towards something akin to a virtual reality ‘metaverse’ has yet to be supported by concrete goals and technologies.
For Block, however, the sky's the limit and many are eagerly waiting to see what Jack will do next. Needless to say, with a man as capable as Dorsey at the helm and all of his efforts seemingly focused towards DeFi, the potential regarding what Block may be able to accomplish may indeed be limitless.
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VanEck To Launch Digital Asset Mining ETF
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In recent news, VanEck has filed with the Securities and Exchange Commission (SEC) to create an ETF (Exchange Traded Fund) focusing on digital asset mining firms.
The fund shall reportedly invest a minimum of 80% of its accumulated assets in securities of digital asset mining enterprises which produce or have the potential to provide at least half of their income from mining or similar technologies.
ETF details
Small and medium-capitalization enterprises, as well as international and developing market issuers, may be included in the ETF's holdings. Additionally, it might invest in various depositary receipts as well as foreign currency-denominated securities.
It is worth mentioning however that the ETF will not make direct investments in digital assets and ICOs (Initial Coin Offerings). Moreover, the filing did not include information about the potential ETF's listing date, ticker, or associated costs.
What to expect
Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ), which has risen 45% ever since commencement in July, and Bitwise Crypto Industry Innovators ETF (BITQ), which has risen 26% since its commencement earlier this year, are two other ETFs that are listed in the United States and have significant exposure to cryptocurrency miners.
Moreover, the SEC denied VanEck's proposal to launch a Bitcoin Spot ETF last month. The filing was made public in March. However, it took many months for the commission to dismiss it due to investor protection concerns.
The SEC has a history of delaying Bitcoin ETFs until October when the ProShares Bitcoin strategy ETF became available. The ProShares ETF was based on futures contracts. Furthermore, because of the CME safeguards, Gary Gensler has since indicated more receptivity to it. Nevertheless, the commission has since authorized a number of similar ETFs. One of them came from VanEck in November, although it received significantly less attention on launch day than the ProShares ETF.
VanEck's ETF plan thus seems to offer a creative solution for the SEC's warning about spot crypto ETFs. To some extent, mining businesses' profits are dependent on Bitcoin's price, offering an indirect type of asset exposure.
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Diffusion Digital, By Outlier Ventures - Dec 8th - Virtual |
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Join us to explore some of the world's most exciting elements of the Web 3 ecosystem - DeFi, NFTs, Virtual Worlds, Gaming, Digital Fashion, DAOs, and more. Diffusion Digital is our virtual conference made up of pitches, talks, panels, and live Q&A (with some surprise guests).
Whether you're a founder, investor, developer, or just have an interest in the space, we invite you to hear from the people supporting the growth of the Open Metaverse!
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We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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