Payments company Square will now be called Block, establishing the latter name as its corporate entity, according to a press release Wednesday (Dec. 1).
The Square name is still a part of the company’s seller business, and the company says this name change will let the company own the Square brand.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, co-founder and CEO of Block. “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.”
The press release notes that the change “acknowledges the company’s growth,” as Square has added numerous businesses like Cash App and TIDAL.
With this name change, it separates the corporate entity from these additional businesses, allowing Square, Cash App, TIDAL and others to retain their own brands.
“Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers,” the release says, adding that the name change “creates room for further growth.”
Additionally, because of the name change, Square Crypto will also be changing its name to Spiral. Square Crypto was the company set up to advance bitcoin.
Dorsey, who founded both Twitter and Square, has recently stepped down from Twitter. According to PYMNTS, that move will give him more time to spend with Square.
Square was an early support of bitcoin, letting Cash App allow customers to buy and sell it as of January 2018. PYMNTS posits that this support of crypto will “expand dramatically.”
Dorsey’s belief has long been that bitcoin will be “the native currency” of the internet. On Wall Street, he’s been a robust booster of it, and he was known for incorporating it into Twitter, including its recent Tip Jar feature.