In the latest move in a long line of companies making rebrands with their name, Square Inc., known for its popular payment service Square Cash, recently announced that it is now ‘Block.’ The company has been slowly changing over to becoming more blockchain-like and this change was just another step in that direction. This shift should make investors who were previously hesitant about the crypto slowdown feel relieved as they will see an increase of growth not too far down the road.
Facebook has loosened restrictions on crypto ads, while Square rebrands to “Block” and the US Securities and Exchange Commission is considering a Bitcoin ETF. Read more in detail here: facebook ad policy financial services.
It was all about social media this week. With a few surprise actions, everyone from Twitter to Facebook had a part in market activity. While market prices showed a little shift this week, it was not a significant change. Here are a few instances of what this action may be blamed on.
The Big Plans of Jack Dorsey
Over the last several years, it’s been evident that Jack Dorsey is putting a greater emphasis on his blockchain-related projects. This has shown itself in a number of initiatives, including a Bitcoin wallet and a decentralized Bitcoin exchange, both of which are presently under development. This change in priorities was emphasized this week by Dorsey’s resignation as CEO of Twitter, a social media behemoth.
Before the public had a chance to process this news, Dorsey declared that a number of other organizations under his supervision will be renaming themselves to better represent the times and developments.
- ‘Block’ will be the new name for Square Inc.
- ‘Spiral’ will be the name given to Square Crypto.
Following is a list of firms that now come under the Block brand as a result of this shift.
- Cash App
With the aforementioned array of enterprises in mind, the name Block seems to have been selected for a variety of reasons.
“…building blocks, neighborhood blocks and their local businesses, communities joining together at music-filled block parties, a blockchain, a code section, and challenges to conquer.”
Needless to say, the whole digital asset market is brimming with anticipation for what Dorsey intends to do. Dorsey and his firms have the ability to accelerate Bitcoin’s continuing mainstream adoption as one of the most prominent and powerful Bitcoin enthusiasts.
Facebook is given some leeway by Meta.
This maneuver by Square/Block is similar to one made by Meta lately. Meta was presented as the new corporate body handling the company’s array of services, formerly known as Facebook (Instagram, Facebook, WhatsApp, etc.). Meta said at the time that the name decision pointed towards a new objective of bringing the’metaverse’ to life, in addition to separating its corporate identity from its many subsidiaries.
Surprisingly, Meta has permitted Facebook to lift its long-standing restriction on crypto-based adverts only weeks after this occurred. While there are still certain limits on what may be displayed, it will be much simpler for businesses to get clearance. The following are the reasons given by Facebook for their decision.
- We’re extending the amount of regulatory licenses we accept to make it simpler to run bitcoin advertisements on our platform.
- We’re doing this because the cryptocurrency ecosystem has matured and stabilized in recent years, with more government legislation establishing clearer guidelines for the business.
- These modifications will help to make our approach in this area more egalitarian and transparent, as well as assist more advertisers, especially small companies, in expanding their audiences and reaching more prospective consumers.
Metrics & Market Reaction
The global digital asset market looks to have steadied for the time being following a weeks-long downward trend. There were many efforts this week to get past the $60,000 barrier, but none were successful. BTC is now largely reliant on support near the $56,000 level as we approach the weekend.
Notably, the difficulty of mining Bitcoin has just decreased for the first time since July. Despite this, the level of difficulty is around all-time highs.
The recent price reduction is most likely to blame for the decrease in difficulty. Small miners may have seen their operations become unprofitable when BTC dropped below $60,000 and simply shut them off, leading in the little reduction in difficulty.
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The “reuters” is a major news agency that provides information on the latest developments in the world of cryptocurrency. The reuters reported on Square Inc. Rebranding to ‘Block’ while Facebook Loosens Restrictions on Crypto Ads – Weekly Roundup.
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