Jack Dorsey’s Square Changes Name to Block as it Focuses on Blockchain

Payment service giant, Square, Inc., announced Monday via Twitter that it has changed its corporate name to Block, effective December 10.

The firm noted that the rebranding is only a name change to focus on the new technology, blockchain, and doesn’t change its purpose and vision.

“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’ve been working to make this change for over a year, and it only represents a change of our official corporate name;  not our purpose, our vision, our structure, or how we operate. Shareholders: we aren’t changing our ticker symbol, we’re still $SQ,” Square tweeted.

Following the announcement, the firm noted that its crypto-focused arm, Square Crypto, will also change its name to Spiral to reflect its focus on the leading cryptocurrency, Bitcoin (BTC).

This news comes just a few days after Square co-founder and BTC proponent Jack Dorsey stepped down as CEO of social network company Twitter.

Meanwhile, the payment service giant continues to expand its services. Just a few months ago, it acquired Australian financial technology company Afterpay, for $29 billion, integrating it with its Square Seller and CashApp ecosystems.

Blockchain Adoption Grows Exponentially

Blockchain adoption continues to grow exponentially as different sectors are now adopting the technology.

Last year, Coinfomania reported that IP Australia partnered with the National Rugby League (NRL), the country’s senior domestic men’s rugby league club competition, to launch a new blockchain-based application to fight counterfeits and piracy in the league.

In another development just last month, professional services network Deloitte entered a strategic partnership with Ava Labs to make use of blockchain in a new disaster recovery platform dubbed Close As You Go (CAYG).

The collaboration will play a significant role in enabling the CAYG platform to offer state and local officials accuracy, greater efficiency, and authentication of the required applications.