Square Financial Services Company has changed its corporate name to Block to draw its focus on blockchain technology.
The digital payments company says the new brand would bring together Square, CashApp, tbDEX, and the streaming platform Tidal.
The company also notes that Square Crypto would change its name to Spiral under the new Block brand. The official change of name would be effective on or before December 10.
Square says the inspiration behind the name Block is the neighborhood where it draws its sellers, obstacles to overcome, fun, and tungsten cubes. The firm adds that it has been working to change the name for over a year and that its vision would remain the same.
The change comes after Jack Dorsey resigned from his position as the CEO of Twitter, in what many thoughts was a move to focus on blockchain technology.
Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y— Block (@blocks) December 1, 2021