Digital payments heavyweight Square reportedly disclosed details related to its decision for rebranding itself to Block, in a move that appears to channel more focus on blockchain technology.
Specifically, via a Twitter post on December 1st, Square reportedly revealed that the rebranding initiative will bring the payments entity together with Cash App, the decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal.
Square Crypto – the division of the payment entity that deals primarily with the crypto sector – will reportedly also be adjusting its name to Spiral and become a member of the Block family.
“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes. We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure, or how we operate.” Square further claimed.
The rebranding decision reportedly surfaced only two days following Head of Square – now Block – Jack Dorsey stepping down from his chair at Twitter, in a bid to offer chief technology officer and board member Parag Agrawal – the person taking his place – the freedom to operate without the influence at the social media heavyweight.
At the time, speculations reportedly appeared regarding Dorsey being more heavily committed to crypto and blockchain via Square’s operations, in a similar manner to how Facebook shifted its concentration away from social media with a rebranding to Meta.
“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.” Dorsey further revealed.