Square Changes Its Name To Spiral, Fusing With “BLOCK”

Square Crypto, the billionaire’s bitcoin fundraising effort, has renamed as Spiral, with the goal of “making bitcoin the planet’s preferred currency.”

Square, the payments behemoth, will change its name to Block Inc., according to a statement released on Wednesday.

Spiral is the new name for Square Crypto, the company’s Bitcoin development unit. Spiral’s focus is Bitcoin, which continues to grow “like a spiral from a single point, embracing more and more space until it touches everything,” as Square tweeted.

According to Spiral’s website, “after Square chose to redesign, we thought it was time for our own long-overdue relaunch.” “After all, Square Crypto was never the most appropriate moniker for our group.”

Spiral explained that having “Square” in its name “created a straight line between the corporate donor we are supposed to be independent of and us.”

The usage of the term “crypto” in the firm’s name, on the other hand, caused some misunderstanding, as the company is primarily focused on Bitcoin.

Changing The Corporate Name To BLOCK

The corporate renaming to Block was partly motivated by a desire to better distinguish Square’s multiple product lines and offerings. Only Block’s Seller business will be represented by Square currently.

In a statement, Jack Dorsey, co-founder and CEO of Block, said, “We established the Square brand for our Seller business, which is where it belongs.”

Dorsey wrote “Update Tip” on Twitter after the firm changed the name.

He further added, “Block is a new name, but our mission of economic empowerment hasn’t changed. We will continue to design tools to help broaden access to the economy, regardless of how we grow or change.”

Square Crypto To Block

On December 10, Square Inc. will be legally renamed Block Inc., but the company’s NYSE ticker symbol, SQ, will remain unchanged.

Square, Cash App, TIDAL, and TBD will all keep their original names. Spiral and TBD are two Block-affiliated projects that are only focused on Bitcoin.

TBD is currently working on constructing a decentralised bitcoin exchange, while Spiral is focused on building and funding “open-source projects aimed at making bitcoin the planet’s preferred money.”

Square’s rebranding occurred just days after CEO Jack Dorsey resigned as Twitter’s CEO.

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