Jack Dorsey’s Square Has Been Changed to “Block”
Square Inc., the payments startup founded by Jack Dorsey, has been renamed Block. The company’s current concentration on blockchain and cryptocurrencies, among other things, is reflected in the name change. The Square brand will continue to symbolize the company’s selling service and its stock ticker $SQ.
Square Inc., the payments startup led by former Twitter CEO Jack Dorsey, said today that it will rebrand completely. Square has been renamed Block. The firm acknowledged blockchain as one of the reasons for the name change on Twitter:
Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.
The new moniker will apply to numerous firm initiatives, including the Cash Software payments app, the Tidal music service, and the TBD decentralized exchange project.
Square’s Square Crypto subsidiary will likewise be renamed Spiral. It was stated that Bitcoin “continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.”
The Square name will be retained by the company’s selling service for retailers. Its stock symbol ($SQ) will also stay unchanged.
The rebranding is similar to Facebook‘s recent move to rename as Meta. Square also offered a reference to Facebook by prefacing its Twitter thread with the lines “Not to get all meta on you…” before going into detail about the revamp.
The announcement comes after Twitter CEO Jack Dorsey quit on Monday. Though Jack Dorsey did not specifically mention that he quit Twitter to work on Square, earlier remarks dating back to June indicated that he would leave Twitter if required to focus on Bitcoin.
Square began as a typical payment processor, but the company’s focus has switched increasingly to Bitcoin. It claimed an 11% year-over-year rise in Bitcoin revenue and a 29% year-over-year increase in Bitcoin earnings in November.
The company has also made significant investments in cryptocurrency. It presently has around 8000 BTC, which is worth $459 million.