Jack Dorsey Block Spiral focused on Bitcoin

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Payments giant Square will change its name to Block Inc., the company said in a statement on Wednesday. Square Crypto, its subsidiary dedicated to financing the development of Bitcoin, is now called Spiral.

The name alludes to Spiral’s goal, Bitcoin, as it continues to grow “like a spiral from a single point, encompassing more and more space until it hits everything” , Square tweeted.

“Once Square decided to rebrand, we knew it was time for our own long overdue rebranding,” according to Spiral’s website. “After all, Square Crypto has never been the best name for our team.”

Having ‘Square’ tied to its name “drew a direct line between the corporate benefactor of which we are supposed to be independent and ourselves,” Spiral said. On the other hand, having “crypto” in its name has been confusing, as the company only focuses on Bitcoin.

The intention to better segregate Square’s many product lines and offerings was also the primary reason for the company’s rebranding to Block. Square will now only represent the Block Seller activity.

“We built the Square brand for our Seller business, to which it belongs,” said Jack Dorsey, co-founder and CEO of Block, in the statement. “Block is a new name, but our goal of economic empowerment remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy. “

Square Inc. is expected to be legally changed to Block Inc. on December 10, but the company’s NYSE ticker symbol, SQ, will not change. Square, Cash App, TIDAL and TBD will retain their respective brands.

Spiral and TBD are two initiatives under the Block umbrella that focus entirely on Bitcoin. While Spiral is dedicated to creating and funding “open source projects to make bitcoin the planet’s preferred currency,” TBD is currently focused on developing a decentralized bitcoin exchange.

Square’s rebranding came just days after CEO Jack Dorsey stepped down as CEO of Twitter.

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