Former CEO Jack Dorsey’s payments company Square has recently announced that it will be officially renamed to Block Inc. Its Bitcoin development investment subsidiary, formerly called Square Crypto, is now called Spiral — an allusion to the subsidiary’s focus on Bitcoin as it continues to grow “like a spiral from a single point.”
“Once Square decided to rebrand, we knew it was time for our own long-overdue rebrand. After all, Square Crypto was never the best name for our team,” said Spiral.
Spiral explained that having “Square” tethered to its name distinguishes the corporate benefactor and Spiral, while including “crypto” in its name can be misleading as the company is dedicated only to Bitcoin.
The move also aims to better separate Square’s various product lines and offerings. Now, Square will only be representing Block’s Seller business.
We built the Square brand for our Seller business, which is where it belongs. 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.
Jack Dorsey, Co-founder and CEO of Block
Square Inc. is expected to be renamed to Block Inc. on December 10, although the company’s NYSE ticker symbol (SQ) will remain unchanged. Moreover, Square, Cash App, TIDAL, and TBD will be maintaining their respective brands.