Square rebrands to Block, highlighting focus on blockchain
The rebrand follows Jack Dorsey’s resignation as CEO of Twitter
Square, the American financial services and digital payments company, has announced that it has changed its name to Block.
On 1 December, Square tweeted: “We’re changing our company name so we can give the full Square brand to our seller business.”
The company wanted a brand that would tie Square, Cash App (a mobile payment service), Tidal (a Norwegian subscription-based music, podcast and video streaming service) and tbDEX (a decentralised bitcoin exchange project) into one name.
In a Twitter thread, the company explained why it picked the name Block, which it says references neighbourhood blocks “where we find our sellers”.
The new brand is also a reference to blockchain, which fits in with CEO Jack Dorsey’s well-known enthusiasm for cryptos.
At bitcoin2021 in Miami, the largest ever crypto gathering, Dorsey said: “If I were not at Square or Twitter I’d be working on bitcoin.”
Dorsey resigned as Twitter CEO on 29 November, 15 years after co-founding the company in 2006. Parag Agrawal has stepped into his shoes, having been Twitter’s chief technology officer (CTO) for four years. Prior to that, he spent six years as a software engineer at the company.
Dorsey’s resignation from Twitter raised plenty of questions, but one certainty is that Dorsey now has more time to commit to cryptos – specifically bitcoin. The renaming of Square pays homage to this.
From Facebook to Meta and Square to Block
When Square announced its rebrand, it tweeted: “Not to get all Meta on you,” referring to Facebook’s recent name change.
Facebook made the announcement at the end of October, when Mark Zuckerberg, CEO, tweeted: “Welcome to Meta everyone!”
The company announced a fundamental change by creating two segments within the company, the Family of Apps and Reality Labs, with the first component made up of Facebook, Instagram and WhatsApp, and the second by future platforms.
“The metaverse encompasses both the social experiences and future technology. As we broaden our vision, it’s time for us to adopt a new brand,” said Zuckerberg in an open letter.
Switch to Spiral
Block further explained that Square Crypto no longer makes any sense, so that, too, has changed its name to Spiral.
In a blog, Spiral said: “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.”