Payment firm Square rebrands to Block as focus shifts to cryptocurrency

Square has rebranded its name to “Block” which is expected to become official next week.
The new name reflects the firm’s wish to focus on cryptocurrencies and blockchain technology.
The rebranding comes just days after Jack Dorsey stepped down as CEO at Twitter; the crypto community speculated he would be focusing on Bitcoin.

Digital payment firm Square headed by Jack Dorsey has announced that it will rebrand to “Block,” its official name starting on December 10. The company’s change in identity aims to focus more on decentralized and blockchain technology.

Square prepares broader push into blockchain

According to the payment company, the name change has been in the works for the past year. Jack Dorsey, the CEO of Block stated that the ‘Square’ brand was built for its seller business and that the new name will continue to reflect the firm’s purpose of economic empowerment.

Square was built in 2009 by Dorsey with a focus on in-person payments and enabling people to accept credit cards on a smartphone. The company received a bank charter and also began offering cryptocurrency and stock trading services.

The company’s announcement explained that there will be no organizational changes in the firm. The name change highlights the corporate entity from its businesses and “building blocks.” According to the firm, the name ‘Block’ associates with a number of meanings, including neighborhood blocks, local businesses, communities, block parties and blockchain.

The cryptocurrency-focused branch of the payment company, Square Crypto, will be changing its name to Spiral.

The rebranding with a shift in focus toward blockchain and cryptocurrencies comes two days after Jack Dorsey stepped down from his CEO position at Twitter. He stated that while he was saddened to leave the social media firm, “yet really happy.” Speculation arose that he will be focusing on Bitcoin and other cryptocurrencies.

Recently, Facebook also rebranded, changing its name to Meta to reflect the company’s plan to build a virtual world, a “metaverse.”

Block will continue to trade under the ticker, SQ, on the New York Stock Exchange.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.