Jack Dorsey, the former Twitter chief executive, has changed the name of his other digital payments firm Square to Block.
Square Crypto, a unit within Square dedicated to the evolution of Bitcoin will be renamed Spiral. Jack Dorsey said of the name change: “We built the Square brand for our seller business, which is where it belongs. 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.”
Having openly expressed his support and admiration for cryptocurrencies and Bitcoin, many believe the move to Block may suggest the company’s move to focus largely on the industry.
Recall that Jack, as many call him, created a cryptocurrency team at Twitter to figure out how the company could embrace digital assets and decentralized apps. In his update on Twitter, Square noted, “We’ve been working to make this change for over a year and it only represents a change of our official corporate name – not our purpose, our vision, our structure, or how we operate.”