Payments giant Square will change its corporate name to Block Inc., the company said in a statement Wednesday. Square Crypto, its subsidiary focused on funding Bitcoin development, is now called Spiral.
The name alludes to Spiral’s focus, Bitcoin, as it continues to grow “like a spiral from a single point, encompassing more and more space until it touches everything,” Square tweeted.
“Once Square decided to rebrand, we knew it was time for our own long-overdue rebrand,” per Spiral’s website. “After all, Square Crypto was never the best name for our team.”
Having “Square” tied to its name “drew a direct line between the corporate benefactor we are supposed to be independent of and us,” Spiral said. On the other hand, having “crypto” in its name led to confusion, as the company is focused solely on Bitcoin.
An intention to better separate Square’s many product lines and offerings was also the backbone reason for the corporate rebranding to Block. Square will now only represent Block’s Seller business.
“We built the Square brand for our Seller business, which is where it belongs,” Jack Dorsey, co-founder and CEO of Block, said in the statement. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build 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 maintain their respective brands.
Spiral and TBD are two initiatives under the Block’s umbrella that focus entirely on Bitcoin. While Spiral is dedicated to building and funding “open-source projects aimed at making bitcoin the planet’s preferred currency,” TBD is currently focused on developing a decentralized bitcoin exchange.
Square’s rebranding came only a couple of days after CEO Jack Dorsey stepped down from his role as Twitter chief executive officer.