Jack Dorsey’s Square Crypto has been rebranded to Spiral as the parent company Square Inc. changes its name to Block Inc.
In a press release on Wednesday, December 1st, Jack Dorsey’s payment giant Square announced that it has changed its name to Block Inc., and Square Crypto, it’s subsidiary focused on funding Bitcoin development, would now be called Spiral.
We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3
— Square (@Square) December 1, 2021
The company said that the Square name had come synonymous with the company’s Seller business, which provided an integrated ecosystem of commerce solutions, business software, and banking services for sellers. Therefore, Square name is now fully reserved for the company’s seller business.
The rebranding is to acknowledge the company’s growth. Jack Dorsey, who recently stepped down from his role of CEO at Twitter, now wants to bring Square’s other businesses under one roof. Square recently acquired Tidal, the music streaming service led by rapper Jay-Z, and started a financial services division focused on Bitcoin called TBD54566975. The company also has its own digital payment mobile app Cash App and Bitcoin development-focused arm Square Crypto.
The new name will integrate all its standalone businesses under one name, Block Inc., just like Facebook that rebranded to Meta. According to the company:
“The name change to Block distinguishes the corporate entity from its businesses or building blocks. There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. A foundational workforce, which includes teams such as Counsel, People, and Finance, will continue to help guide the ecosystem at the corporate level.”
The highlight of the rebranding is that its Bitcoin-focused arm Square Crypto has also been renamed to Spiral. According to the company, the word crypto is not suitable for its name as the entity is solely focused on Bitcoin. In a tweet, Square wrote:
Oh! Obviously Square Crypto no longer makes sense, so the team is changing its name to Spiral (@spiralbtc). This rebrand reflects their focus on #bitcoin as it continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.
— Square (@Square) December 1, 2021
“Oh! Obviously Square Crypto no longer makes sense, so the team is changing its name to Spiral (@spiralbtc). This rebrand reflects their focus on #bitcoin as it continues to grow like a spiral from a single point, encompassing more and more space until it touches everything.”
The legal name change is expected to happen on December 10, 2021, “upon satisfying all applicable legal requirements.” The NYSE ticker SQ will also remain the same for the time being.
Jack Dorsey commented:
“We built the Square brand for our Seller business, which is where it belongs. 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.”
