Square Inc. Rebrands as Block

Square Inc. has announced that they will change their corporate brand to Block.

While Square originally focused on allowing merchants to accept payment, the company has expanded its business lines over the last few years. Recently, the company established a number of bitcoin and blockchain-oriented business lines, including:

• “TBD54566975”, an open developer platform enabling users to access Bitcoin and other blockchain technologies without having to go through an institution, and
• Spiral, which builds and funds free, open-source Bitcoin projects.

Jack Dorsey, co-founder, and CEO of Block said that “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.”

Regarding the name, the press release stated that “[it 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.”

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The company is currently in the process of legally changing the name from Square to Block and expects the process to be complete around December 10.