Digital payments company Square announced that it has changed its company name to Block and appears to be focusing on blockchain technology.

In a tweet on Wednesday, Square said the rebranding would tie the payment company to the Cash app, the decentralized exchange project tbDEX, and the music and video streaming platform Tidal. In addition, Square Crypto, the crypto-focused arm of the payment company, will change its name to Spiral and join the Block family.

“Blocks refer to neighboring blocks where we find salespeople, a blockchain, music parties, obstacles to overcome, a piece of code, building blocks and of course tungsten blocks. We have worked on this change for over a year and it is only the official name change and not our purpose, vision, structure or way of working. ”

The renaming comes just two days after CEO Jack Dorsey stepped down on Twitter and established the need to create a job for his successor, Chief Technology Officer and board member Parag Agrawal. At the time, many speculated that Dorsey would dig deeper into crypto and blockchain through Square’s operation, similar to how Facebook shifted its focus away from social media with its renaming to meta.

“Block is a new name, but our goal of strengthening the economy remains the same. Regardless of how we grow or change, we will continue to develop tools to improve access to the economy, ”said Dorsey of the name change.

Square says the new name will go into effect “on or about” December 10th, with no organizational changes to Block, Cash App, Tidal, Spiral, or tbDEX.

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Annie

According to Cointelegraph

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