Square to rename to Block as it focuses on blockchain projects

The payments company Square has announced a rebrand, changing its name to Block. The move was tied to reflecting the growth of the group and its commitment to blockchain projects.

We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3

— Square (@Square) December 1, 2021

We created the Square brand for our merchant-focused business, and that is where it belongs. Block is a new name, but our goal of expanding economic opportunities remains the same. Regardless of our growth or development we will continue to build tools that help broaden access to the economy, — said the head of the company, Jack Dorsey.

It is expected that Square will change its legal name on December 10. Its shares will continue to be listed on the NYSE under the ticker SQ.

The company’s divisions—Square, Cash App, TIDAL and TBD—will keep their names and continue to pursue their respective directions. The bitcoin-promoting project Square Crypto will now be called Spiral.

The project team noted that the rebrand will emphasise its independence from the “corporate benefactor” and its commitment to product development focused on Bitcoin.

Square announced the forthcoming name change just days after Dorsey left the position of Twitter CEO.

Earlier, the company invested in digital gold $50 million and $170 million.

In July 2021 the firm announced the development of a hardware wallet and a service for storing Bitcoin. Later, Dorsey said that Square was considering the possibility of creating an open-source device for mining the first cryptocurrency.

Dorsey also spoke of work on the open TBD platform for creating a decentralized Bitcoin exchange based on his payments company. A few months later he published a link to a white paper.

In the third quarter of 2021, Square reported a profit from selling bitcoin through the Cash App in the amount of $42 million.

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