Square Crypto Rebrands to ‘Spiral’ to “Reflect Focus on Bitcoin,” Square is Rebranding to “Block”
After stepping down from his role as CEO of Twitter on Monday, Square co-founder and CEO Jack Dorsey said this week that the payments company is now changing its name to Block Inc. to expand into new technologies like crypto.
The new brand would distinguish the corporate entity from its payments businesses, much like Facebook did as it changed its name to Meta, as Square had become synonymous with its seller business.
Besides the name there would be no organizational changes and its different business units will continue to maintain their respective brands. This includes Square which has Bitcoin on its balance sheet, the peer-to-peer payment service CashApp that supports Bitcoin buying and selling, its bitcoin-focused financial services segment TBD54566975, and music streaming service Tidal. The company said in a statement,
“The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”
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 San Francisco-based company also said on Wednesday that Square Crypto would now also change to Spiral.
“This rebrand reflects their focus on bitcoin as it continues to grow like a spiral from a single point, encompassing more and more space until it touches everything,” it added.
The new name would be effective from about Dec. 10 but the “SQ” ticker symbol it trades under on the New York Stock Exchange (NYSE) won’t change at this time. This new name, the company said “acknowledges the company’s growth” and “creates room for further growth.”
In other news, Squares’ Cash App now supports the latest Bitcoin upgrade taproot. Last month, the company had said that it would add support for Taproot by December 1. As such, all its users can now send Bitcoin to Taproot-enabled wallets. This support offers its users reduced transaction fees and increased privacy.