Square rebrands to Block, shifts focus to blockchain

Digital payments company Square has announced that it has changed its company name to Block, in what appears to be a shift to blockchain technology.

In a tweet on Wednesday, Square said the rebranded payments company would join Cash App, decentralized bitcoin exchange project tbDEX, and music and video streaming platform Tidal. Square Crypto, the payments firm’s cryptocurrency-focused offshoot, will also be rebranded to Spiral and join the Block family, according to a simultaneous press release.

Square said: "Block refers to the block where we find sellers, a blockchain, block parties full of music, obstacles to overcome, a piece of code, building blocks, and of course tungsten cubes. The change has been in the works for over a year, and it represents only a change in our official company name; not a change in our purpose, vision, structure or how we operate."

We are changing our company name so we can give our seller business full Square branding. So now we need a name to unite Square, CashApp, TIDAL and TBD. The name is Block. why?

— Square (@Square) December 1, 2021

Two days before announcing the name change, Square (now The Block) CEO Jack Dorsey resigned from his role at Twitter, citing the need to give his successor, CTO and board member Parag Agrawal, a job without him. The social media giant's influencer's workspace. At the time, many speculated that Dorsey would use Square's business to dive deeper into the cryptocurrency and blockchain space, just as Facebook shifted its focus from social media to Meta.

“Block is a new name, but our purpose of economic empowerment has not changed, and no matter how we grow or change, we will continue to build tools that help increase access to the economy,” Dorsey said.

The legal name change will take effect around December 10, Square said. According to the company, there will be no changes to the organizational structure of Block, Cash App, Tidal, Spiral or tbDEX.

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