Square, the payments company, announced Wednesday that it will change its name to Block Inc. Square Crypto, its division devoted to Bitcoin development, has been renamed Spiral.
The name references Spiral’s main focus, Bitcoin, which is still growing. “like a spiral from a single point, encompassing more and more space until it touches everything,” Square tweeted.
According to Spiral’s website, “after Square chose to redesign, we thought it was time for our own long-overdue relaunch.” “After all, Square Crypto was never the most appropriate name for our team.”
Having “Square” tied to its name “drew a direct line between the corporate benefactor we are supposed to be independent of and us,” Spiral said. On the other hand, having “crypto” in its name led to confusion, as the company is focused solely on Bitcoin.
The corporate rebranding to Block was partly motivated by a desire to better differentiate Square’s several product lines and offerings. Square will exclusively represent Block’s Seller business going forward.
“We built the Square brand for our Seller business, which is where it belongs,” Jack Dorsey, co-founder and CEO of Block, said in the statement. “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 Inc.’s legal name will be changed to Block Inc. on December 10, although the company’s NYSE ticker symbol, SQ, will remain unchanged. Square, Cash App, TIDAL, and TBD will continue to operate under their individual labels.
Spiral and TBD are two Block efforts that are solely focused on Bitcoin. TBD is now focused on constructing a decentralised bitcoin exchange, whereas Spiral is dedicated to building and funding “open-source projects aimed at making bitcoin the planet’s preferred money.”
Square’s rebranding comes just days after CEO Jack Dorsey announced his resignation as Twitter’s CEO.