Only days after resigning as CEO of Twitter, Jack Dorsey reinforced his position as CEO of payment platform Square with Wednesday’s announcement that Square will change its corporate name to “Block.” Additionally, its cryptocurrency division — Square Crypto — will be renamed “Spiral” — both changes are scheduled to occur next week on Dec. 10.
Why the name change?
“We built the Square brand for our Seller business, which is where it belongs,” stated Dorsey in the company press release. “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.”
Much like other tech name changes before it — Google to Alphabet; Facebook to Meta — Block will be an umbrella brand that covers a diverse group of acquired assets that includes TIDAL, TBD54566975 (the non-name for its planned decentralized exchange for Bitcoin), Cash App, and Square.
The Block statement went on to note that the new name “has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”
Dorsey is all in on Bitcoin
This is another proof point that Dorsey is going all in on crypto and Bitcoin. If that wasn’t clear, just look at the one-word description on his Twitter profile: #Bitcoin.
For years, he has been an ardent and vocal supporter of Bitcoin, making public statements that he believes it can establish economic equality around the world, be a catalyst for world peace, and be the single global currency. Dorsey has also said that if he wasn’t CEO of both Twitter and Square/Block, that he would be working on Bitcoin. It seems, he’s also putting that rhetoric into action, as he recently laid the groundwork and issued a white paper for Square to launch its own decentralized exchange for Bitcoin trading and enabled Bitcoin payments via Square/Block’s Cash App since 2018.
Analysts and experts are expecting Square/Block to ramp up its investments in its financial tech innovations, which will most certainly include novel Bitcoin offerings — you can bet your bottom Bitcoin on that.