![Payments Company Square Rebrands to ‘Block Inc.,’ Crypto Service Will Be Called ‘Spiral’ Payments Company Square Rebrands to ‘Block Inc.,’ Crypto Service Will Be Called ‘Spiral’](https://static.news.bitcoin.com/wp-content/uploads/2021/12/shutterstock_1231571020.jpg)
“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy," said Jack Dorsey.
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, 2021
The 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 wallet
Square 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.
It’s unclear if Dorsey plans to leave the social media company to focus on operations at Square and the platform’s initiative to develop a decentralized Bitcoin exchange.
Twitter chief executive officer Jack Dorsey is reportedly planning to resign his position at the social media firm.
According to a Monday CNBC report, Dorsey is expected to step down as the CEO of social media giant Twitter, which he helped co-found in 2006. It’s unclear if Dorsey plans to leave Twitter behind to focus on operations at Square and the platform’s initiative to develop a decentralized Bitcoin (BTC) exchange.
I love twitter
— jack⚡️ (@jack) November 28, 2021
Related: Jack Dorsey discusses plans to build a decentralized exchange for Bitcoin
On Nov. 19, the decentralized exchange project, called tbDEX, released a white paper detailing its plans to create a message protocol designed to facilitate trust relationships without relying on a federation to control access. Though Dorsey has sometimes used his platform — 5.9 million followers — to make announcements for the exchange, there are no reports at the time of publication that he plans to get more involved in the project.
Dorsey served as Twitter's CEO from 2006 to 2008 and later from 2015 to the present, following the departure of Dick Costolo. Shares of Square and Twitter stock rose roughly 3% as reports of Dorsey stepping down spread across social media.
This story is developing and will be updated.
Payments giant Square is detailing its plans to release a new decentralized protocol for exchanging Bitcoin (BTC) and other crypto assets. Square’s new TBD division recently released a whitepaper outlining their plans to create tbDEX, an easily-accessible crypto exchange that aims to bridge users from fiat currencies to digital assets. “The vast majority of people […]
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Payments giant Square says that Bitcoin transactions have contributed nearly $2 billion to the company’s third-quarter revenue. In the company’s latest shareholder letter, Square says that the firm’s total net revenue for Q3 2021 was $3.84 billion. Excluding Bitcoin revenue via its Cash App, the figure falls to $2.03 billion. “Cash App generated $1.82 billion […]
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