Jack Dorsey's Square gets a new name: Block

(Pocket-lint) - Square, the 12-year-old fiscal services company, is changing its sanction to Block - possibly signaling a much important pivot to cryptocurrency.

Jack Dorsey, Square's co-founder and CEO, has been nationalist astir his passionateness for Bitcoin, cryptocurrency, and blockchain technology. So overmuch truthful that 1 has to wonderment whether the sanction "Block" is derived from oregon inspired by "blockchain".

Dorsey precocious resigned arsenic CEO of Twitter. He remains the CEO of Square.

Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who enactment them. We’re present to physique elemental tools to summation entree to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y

— Block (@blocks) December 1, 2021

In a property release, Square said its rebranding acknowledges its "growth". The institution is possibly champion known for the Cash app for peer-to-peer payments, arsenic good arsenic its constituent of merchantability strategy for businesses and perchance adjacent its Square Cryptio initiative - which, arsenic portion of Square's rebranding, is changing its sanction to Spiral. Square besides took a bulk involvement successful the Tidal this year. 

"The sanction alteration creates country for further growth", explained Square. "Block is an overarching ecosystem of galore businesses agreed by their intent of economical empowerment, and serves galore radical - individuals, artists, fans, developers, and sellers".

Square's caller sanction is expected to spell into effect astir 10 December 2021. The company's said its ticker symbol, SQ, volition "not alteration astatine this time".

Keep successful caput Facebook precocious changed its sanction to Meta. It, too, kept its archetypal ticker awesome - FB - though determination are plans to alteration it successful 2022.

Writing by Maggie Tillman. Originally published connected 2 December 2021.