Square announced on December 2 that it is changing its name in order to give its Seller business the “full Square brand.” For sellers, the Seller division offers an integrated ecosystem of commerce solutions, business software, and banking services. The new name distinguishes the corporate entity from its subsidiaries or building blocks.
The move comes on the heels of Facebook’s decision to rebrand to Meta in late October. It also comes just days after Twitter CEO Jack Dorsey resigned.
The announcement made a reference to blockchain, but not necessarily crypto, and added:
“Not to get all meta on you… but we’re going to! Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.”
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
Spiralizes Square Cryptocurrency
The company also stated that the name “Square Crypto” is no longer appropriate, so the team is changing its name to Spiral, adding:
“This rebrand reflects their focus on Bitcoin as it spirals from a single point, encompassing more and more space until it touches everything.”
“Block is a new name, but our goal of economic empowerment remains the same,” Dorsey said. We will continue to build tools to help increase access to the economy, regardless of how we grow or change.”
Earlier this year, Dorsey stated that if necessary, he would leave either company to work on Bitcoin, stating, “If I were not at Square or Twitter, I would be working on Bitcoin.” If it required more assistance than Square or Twitter, I would leave it to Bitcoin. But, in my opinion, both companies have a role to play.”
According to the announcement, the legal name “Square, Inc.” will be officially changed to “Block, Inc.” on or about December 10.
Prediction of a Meta Flop
According to some industry experts, Facebook’s rebranding to Meta may not have served its purpose. “What Facebook is doing with meta…is a ‘fake metaverse,’ unless they actually have a real description of how we can truly own it,” said Yat Siu, chairman and co-founder of Animoca Brands, a real metaverse company.