Payment firm Square has just announced it will change its name to Block. The initiative was linked to the company’s desire to reflect the growth of the structure and its commitment to blockchain projects.
The company CEO Jack Dorsey said:
“We built the Square brand for our Seller business, which is where it belongs. 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.”
Square is expected to officially change its name on December 10. Its shares will continue to be listed on the NYSE under the ticker SQ.
The structural divisions of the company – Square, Cash App, TIDAL and TBD – will retain their names and continue to develop their own areas. However, the Square Crypto project, which is focused on the promotion of Bitcoin, will now be called Spiral.
The project team has noted the rebranding will highlight its independence from the “corporate benefactor” and commitment to developing products focused on Bitcoin.
Square announced its upcoming name change just days after Dorsey stepped down as CEO of Twitter.