Square rebrands to Block as focus shifts to blockchain

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Square rebrands to Block as focus shifts to blockchain

Digital funds firm Sq. introduced that it has modified its firm title to Block, seemingly in a shift in the direction of blockchain know-how.

In a Wednesday tweet, Sq. said the rebrand will convey the funds agency along with Money App, the decentralized Bitcoin (BTC) alternate undertaking tbDEX, and music and video streaming platform Tidal. An accompanying information launch said that Sq. Crypto, the cryptocurrency-focused department of the fee agency, may even be altering its title to Spiral and becoming a member of the Block household.

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“Block references the neighborhood blocks the place we discover our sellers, a blockchain, block events filled with music, obstacles to beat, a piece of code, constructing blocks, and naturally, tungsten cubes,” said Sq.. “We’ve been working to make this transformation for over a 12 months, and it solely represents a change of our official company title; not our objective, our imaginative and prescient, our construction or how we function.”

The rebranding comes a mere two days after Sq. — now Block — CEO Jack Dorsey resigned his position at Twitter, citing the necessity to give his alternative, chief know-how officer and board member Parag Agrawal, the area to work with out his affect on the social media large. On the time, many speculated that Dorsey would get deeper into crypto and blockchain by Sq.’s operations, in a lot the identical means Fb turned its focus away from social media with a rebranding to Meta.

“Block is a brand new title, however our objective of financial empowerment stays the identical,” mentioned Dorsey on the title change. “Irrespective of how we develop or change, we’ll proceed to construct instruments to assist improve entry to the economic system.”

Associated: Jack Dorsey outlines Square’s tentative plans for Bitcoin hardware wallet

Sq. mentioned the authorized title change could be efficient “on or about” Dec. 10. In line with the corporate, there shall be no organizational modifications to Block, Money App, Tidal, Spiral or tbDEX.

This story is growing and shall be up to date.