It appears to be a time for changes for ex-Twitter CEO Jack Dorsey, whose financial services firm has now changed its name from ‘Square’ to ‘Block’.
Effective from December 10th, the company will shed its old name and will start to be known as ‘Block’ as Dorsey shifts his focus towards Bitcoin and cryptocurrencies. “The 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,” Square said in a statement.
The company said there would be no organizational changes and its different business units – Square, peer-to-peer payment service Cash App, music streaming service Tidal and its bitcoin-focused financial services segment TBD54566975 – will continue to maintain their respective brands. According to the company’s statement, its ticker symbol, SQ, will also “not change at this time.”
As a result of the change, the digital payments giant’s Square Crypto, a team “dedicated to advancing Bitcoin”, will also change its name to Spiral.