California-based financial services provider Square, owned by Jack Dorsey, has a new name, "Block". It will come into effect on Dec. 10.
Related: Jack Dorsey Revealed Plans for Creating a BTC Mining System
Accordingly, the name Square Crypto is changed. Now it is Spiral.As the team explains, the news indicates that Square gives the full brand to their Seller business. Block will tie Square, mobile payment service Cash App, audio and music videos service Tidal, and Bitcoin exchange TBD. Its mission is to create simple tools to make the economy more available. Shares will keep trading under the ticker SQ on the New York Stock Exchange.
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
In a Twitter thread, the company says they have been working on the change for over a year.
Started in 2009, Square has broadened its services a lot, and the change indicates forward developments.On November 29, Dorsey left his position as Twitter CEO, so now he will be more focused on Block. Although it wasn’t announced directly, Dorsey’s support for Bitcoin and the name change allow the community to think that more blockchain and crypto services are expected to come. Twitter's CEO now is Parag Agrawal, who worked for the popular social networking site for around 10 years.