- Square has rebranded, going under the name Block from December 10
- The news comes 48 hours after co-founder and CEO Jack Dorsey quite his role at Twitter
- Block will focus on new and emerging technologies and will have a specific Bitcoin-related offshoot
Square has rebranded to Block and announced a focus on new and emerging technologies just days after its co-founder and CEO Jack Dorsey announced that he was stepping down from his role as Twitter CEO. Dorsey announced that the name change would take effect on December 10 and that it “creates room for further growth”. Square was initially created as a company that builds credit card reader hardware, but the focus will now expand to include new technologies, with blockchain unsurprisingly among them given Dorsey’s love of Bitcoin.
We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3
— Square (@Square) December 1, 2021
Square Rebrand Follows Dorsey Future Commitment
Dorsey announced his departure from Twitter on Tuesday following questions from shareholders over his ability to hold such high positions in Twitter and Square at the same time. Dorsey ultimately decided that his future lay with Square, and less than 48 hours later it has rebranded to Block and announced a new direction.
A Block statement announcing the move explained the meaning behind the new name:
“Block 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.”
Spiral to Focus on Bitcoin Tech
Dorsey’s move clearly shows he believes there is more potential to expand and grow with Square than with Twitter, with his faith in blockchain technology and in particular Bitcoin evidenced with the creation of TBD, a division within Square that is building an entirely decentralized Bitcoin exchange. This seems to be separate from Square Crypto, a separate part of the company that is “dedicated to advancing Bitcoin”, which will change its name to Spiral.
