Square Inc., Jack Dorsey's payments company, has been rebranded and will now be known as Block.
The name change represents the company's recent focus on blockchain and cryptocurrency, among other things.
The company's seller service and its stock ticker $SQ will still be represented by the Square brand name
It will also undergo a complete rebrand
Square Becomes Block
Square will now be known as Block. On Twitter, the company mentioned blockchain as one reason for the name change:
Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.
The new name will cover several company projects, including its payments app Cash App, its crypto division, the Tidal music service, and its decentralized exchange project TBD.
Square will also rename its Square Crypto division to Spiral. It noted that Bitcoin “continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.”
The company’s seller service for merchants will maintain the Square brand. Its stock ticker ($SQ) will also remain the same.
Square Is Focusing on Crypto
The news comes after CEO Jack Dorsey resigned from Twitter on Monday. Though Dorsey did not explicitly say that he left to focus on Square, previous statements dating back to June suggested that he would leave Twitter to focus on Bitcoin if necessary.
Square began as a traditional payments processor, but the company’s business has increasingly shifted toward Bitcoin. This November, it reported an 11% year-over-year increase in Bitcoin revenue and a 29% year-over-year increase in Bitcoin profits.
The firm has also invested heavily in crypto. It holds over 8000 BTC, an amount currently worth $459 million.
Block says there will be no organizational changes as a result of the new name, though the company’s Square Crypto initiative is being rebranded to Spiral.
The news comes just months after Facebook rebranded to Meta