As part of its shift towards blockchain technology, Square has changed its company name to Block.
With the rebrand, Square will join Cash App, Tidal, the decentralized Bitcoin exchange tbDEX, and the Cash App subsidiary Cash App.
In a news release accompanying the announcement, Square Crypto, the crypto department of Square, was announced to change its name to Spiral and join Block.
The Block logo is a reference to the neighborhood blocks where Square has sellers, to the blockchain, to block parties filled with music, to a code section, to building blocks, and to tungsten cubes, of course.
"It has taken us over a year to make this change, and it only represents a change of our corporate name. It does not represent any changes in what we do, how we do it, or what we stand for," said Block CEO Jack Dorsey.
Some days after Square - now Block - CEO Jack Dorsey resigned from his post at Twitter, Parag Agrawal resigned from his position as chief technology officer and board member of Twitter.
In the same way that Facebook turned its focus away from social media with a rebrand to Meta, many speculated that Dorsey would take Square's operations deeper into crypto and blockchain.
"We have renamed Block, but our goal to empower the economy remains the same," Jack added. "Regarding the name change. As our business continues to grow and change, we want to continue increasing access to the economy."
According to Square, the legal name change will take effect around December 10. Neither Block, Cash App, Tidal, Spiral nor tbDEX will undergo organizational changes, according to the company.