According to a press announcement issued Wednesday, payments company Square will now be known as Block, with the latter name serving as its corporate entity (Dec. 1).
The Square name remains a part of the company’s seller business, and the company claims that the name change will allow it to own the Square brand.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, co-founder and CEO of Block. “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.”
According to the press release, the adjustment “acknowledges the company’s expansion,” as Square has added numerous firms such as Cash App and TIDAL.
With this name change, the corporate organisation is separated from the extra businesses, allowing Square, Cash App, TIDAL, and others to keep their own brands.
“Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers,” the release says, adding that the name change “creates room for further growth.”
In addition, as a result of the name change, Square Crypto will be renamed Spiral. Square Crypto was founded to advance bitcoin.
Dorsey, who established both Twitter and Square, just announced his resignation from Twitter. According to PYMNTS, this change will allow him to devote more time to Square.
Square was an early support of bitcoin, letting Cash App allow customers to buy and sell it as of January 2018. PYMNTS posits that this support of crypto will “expand dramatically.”
Dorsey’s belief has long been that bitcoin will be “the native currency” of the internet. On Wall Street, he’s been a robust booster of it, and he was known for incorporating it into Twitter, including its recent Tip Jar feature.