Jack Dorsey Block Spiral Focused on Bitcoin

Technology

December 2, 2021 by mvp00

Payments giant Square will change its corporate name to Block Inc., the company said in a statement Wednesday. Square Crypto, its subsidiary focused on funding Bitcoin development, is now called Spiral. The name alludes to Spiral’s focus, Bitcoin, as it continues to grow “like a spiral from a single point, encompassing more and more space

The name alludes to Spiral’s focus, Bitcoin, as it continues to grow “like a spiral from a single point, encompassing more and more space until it touches everything,” Square tweeted.

“Once Square decided to rebrand, we knew it was time for our own long-overdue rebrand,” per Spiral’s website. “After all, Square Crypto was never the best name for our team.”

Having “Square” tied to its name “drew a direct line between the corporate benefactor we are supposed to be independent of and us,” Spiral said. On the other hand, having “crypto” in its name led to confusion, as the company is focused solely on Bitcoin.

An intention to better separate Square’s many product lines and offerings was also the backbone reason for the corporate rebranding to Block. Square will now only represent Block’s Seller business.

“We built the Square brand for our Seller business, which is where it belongs,” Jack Dorsey, co-founder and CEO of Block, said in the statement. “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.”

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