Square is now called Block and focuses on blockchain

Square is now called Block and focuses on blockchain

The digital payments company, Square, has announced that it has changed its name to Block, apparently in a shift towards blockchain technology.

In a tweet on Wednesday, Square reported that the makeover will unite the payments company with Cash App, decentralized Bitcoin (BTC) exchange project tbDEX, and music and video streaming platform Tidal. An accompanying press release said Square Crypto, the cryptocurrency-focused arm of the payments firm, will also change its name to Spiral and will join the Block family.

“Block refers to the blocks in the neighborhood where we find our vendors, a chain of blocks, block parties filled with music, obstacles to overcome, a section of code, building blocks and, of course, tungsten cubes”, said Square. “We have been working to make this change for over a year, and it only represents a change to our official corporate name; not our purpose, our vision, our structure or how we operate.”

The name change comes just two days after Square’s CEO, now Block, Jack Dorsey will resign from his post on Twitter, citing the need to give his replacement, chief technology officer and board member Parag Agrawal, the space to work without his influence on the social media giant. At the time, many speculated that Dorsey would venture into cryptocurrencies and blockchain through Square’s operations, in the same way Facebook did. moved away from social networks with a name change to Meta.

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“Block is a new name, but our purpose for economic empowerment remains the same,” Dorsey said about the name change. “No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

Square said the legal name change would be effective “on or about” Dec. 10. According to the company, there will be no organizational changes to Block, Cash App, Tidal, Spiral, or tbDEX.

This story is in development and will be updated.

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