BREAKING: Square rebrands to Block as focus shifts to blockchain

Digital payments company Square announced that it has changed its company name to Block, seemingly in a shift towards blockchain technology.In a Wednesday tweet, Square said the rebrand will bring the payments firm together with Cash App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal. An accompanying news release said that Square Crypto, the cryptocurrency-focused branch of the payment firm, will also be changing its name to Spiral and joining the Block family.“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” said Square. “We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure or how we operate.”We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3— Square (@Square) December 1, 2021The rebranding comes a mere two days after Square — now Block — CEO Jack Dorsey resigned his position at Twitter, citing the need to give his replacement, chief technology officer and board member Parag Agrawal, the space to work without his influence at the social media giant. At the time, many speculated that Dorsey would get deeper into crypto and blockchain through Square’s operations, in much the same way Facebook turned its focus away from social media with a rebranding to Meta. “Block is a new name, but our purpose of economic empowerment remains the same,” said Dorsey on the name change. “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”Related: Jack Dorsey outlines Square’s tentative plans for Bitcoin hardware walletSquare said the legal name change would be effective “on or about” Dec. 10. According to the company, there will be no organizational changes to Block, Cash App, Tidal, Spiral or tbDEX.This story is developing and will be updated.

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SafePal, Bifrost and Request Network soar after Bitcoin price hits $59K

Bitcoin (BTC) started the new month in strength and today’s run up to $59,053 suggests that bulls are beginning to shake off the fears stirred up by the Federal Reserve’s taper talks and the emergence of a new strain of Covid-19. Altcoins also saw their prices lift off and early hopes of a potential “Santa Claus rally” are making the rounds on crypto Twitter.Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Request Network (REQ), Bifrost (BFC) and SafePal (SFP).Request Network transactions hit an all-time highRequest Network is an Ethereum-based decentralized payment system that allows users to send and receive funds through secure channels without the need for an intermediary. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for REQ on Nov. 28, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. REQ price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for REQ climbed into the green zone on Nov. 28 and reached a high of 81 around 57 hours before the price increased 98% over the next day. The spike in the price of REQ comes as activity on the network increases and the number of transactions surged 32% in November. The running tally has the transaction count up 46.34% over the last 30 days and 67.32% over the past 90 days. Bifrost releases ChainRunner QBifrost is a multichain middleware platform which allows developers to build decentralized applications (DApps) capable of operating on top of multiple protocols. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.35 in the early trading hours on Dec. 1, the price of BFC surged 56.84% to an intraday high at $0.556 as its 24-hour trading volume surpassed $130 million. BFC/USDT 4-hour chart. Source: TradingViewThe jump in the price of BFC comes as the Bifrost protocol released its long-awaited ChainRunner Q protocol which provides users with access to pre-built decentralized finance (DeFi) strategies, as well as the ability to deposit, borrow, transfer, buy, and leverage their cryptocurrency holdings. Related: Bitcoin correction weakest of 2021 so far as hopes of Santa Claus rally riseSafePal adds support for nine new blockchainsSafePal is a cryptocurrency wallet that offers hardware and software options for investors holding assets from the Ethereum, Binance Smart Chain and Tron ecosystem.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SFP on Nov. 29, prior to the recent price rise. VORTECS™ Score (green) vs. SFP price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for SFP spiked into the green zone on Nov. 29 and hit a high of 81 around 41 hours before the price increased 38% over the next day. The climbing price of SFP follows the announcement that the project added support for Cardano, Nervos Network, Fantom, Avalanche, HECO Chain, Boba Network, Arbitrum and Optimism. The overall cryptocurrency market cap now stands at $2.67 trillion and Bitcoin’s dominance rate is 41.2%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Croatia’s largest supermarket chain now accepts crypto

Konzum, the largest supermarket chain in Croatia, is keeping up with the times by debuting payments in cryptocurrencies like Bitcoin (BTC).The company officially announced on Monday that it now accepts nine cryptocurrencies for payment in its online store, allowing customers to use crypto to buy groceries, hygiene products and household supplies.According to the announcement, the supported cryptocurrencies include Bitcoin, Ether (ETH), Bitcoin Cash (BCH), EOS (EOS), Dai (DAI), Ripple (XRP), Stellar (XLM), as well as stablecoins like Tether (USDT) and USD Coin (USDC).To enable the new crypto payment option, Konzum partnered with a local crypto payment processor, Electrocoin, to implement PayCek, a system that allows merchants to accept cryptocurrency payments. Taking into account the high volatility of crypto prices, the PayCek system guarantees buyers a fixed exchange rate at the start of the transaction, providing enough time for successful execution, the announcement notes.While Konzum only accepts crypto online at the moment, it plans to expand the payment option across its supermarket chain in the near future. The retailer runs over 700 stores in Croatia and has more than 10,000 employees.According to Konzum board member Uroš Kalinić, the introduction of crypto payments shows the company’s commitment to global trends and innovations in the retail sector.Related: Online electronics shop Newegg to accept Shiba Inu crypto during holidays“As the largest retail chain in Croatia, which in its history of almost 65 years is a continuous leader in the domestic market in terms of business results and technological achievements, we are proud to be leaders in another area that is rapidly developing and forming the future,” he said.Konzum did not immediately respond to Cointelegraph’s request for comment.

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