Square, the digital payments company, officially announced that it had changed its name to Block, seemingly in a focus shift towards blockchain technology.
Square, in a Wednesday tweet, said that the rebrand aims to bring payments firms together with decentralized Bitcoin exchange tbDEX, Cash App, and music and video streaming platform Tidal.
A report from BusinessWire says that the crypto-focused branch of Square Crypto will also be altering its name to SPiral to join the Block family.
The digital payment firm says:
“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,”
The company further added that it has been working for more than a year to make this change. It added that the change only represents a change in the company’s official name and will not affect its vision, purpose, and structure.
Any connection with Dorsey’s resignation from Twitter CEO?
It is interesting to note that the rebranding of Square-now BLock- comes a mere two days after Square CEO Jack Dorsey resigned his position as a CEO at social media giant Twitter, citing the need to give new CEO, Parag Agarwal, the space to work without his influence. TheCoinRise, in the article, tried to bring readers’ attention to its relation with his Sqaure’s operations, in much the same way Facebook rebranded and focused on Meta.
Dorsey, on the rebranding, said that the company’s purpose of economic empowerment could never change. He further stated:
“we will continue to build tools to contribute to increase access to the economy.”
The company will be legally changing its name “on or about” December 10. As per the company’s statements, there would be no change in the operations of the Block, Cash App, Spiral, Tidal, or tbDEX.