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Square said the new name encompasses its various businesses better than the current name, which is mostly associated with its merchant-payment services. However, the new name also happens to align with Mr. Dorsey’s interest in cryptocurrencies and the technology behind them, called blockchain.
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Mr. Dorsey has emerged as one of the highest-profile backers of bitcoin, and to an extent has used Square as a vehicle for that. “I don’t think there’s anything more important in my lifetime to work on,” Mr. Dorsey said at a bitcoin conference earlier this year.
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