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Square rebrands to Block, doubling down on blockchain, says Twitter founder: Original mission of economic empowerment remains

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Square rebrands to Block, doubling down on blockchain, says Twitter founder: Original mission of economic empowerment remains

After founder Jack Dorsey stepped down from Twitter, his payment company Square will be renamed to Block, aligning closer with blockchain technology. Jack Dorsey emphasizes that while Square is changing its name, its commitment to economic empowerment remains unchanged.

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Square → Block

According to a press release, similar to Facebook's rebranding, the parent company Square, Inc. is expected to legally change its name to "Block, Inc." while the original payment service provider Square remains the same. As a result, Block has created a new Twitter account for itself. Its business units include:

  • Payment service provider: Square
  • Mobile payment app: Cash App
  • Spiral (formerly Square Crypto)
  • Streaming music service: TIDAL
  • Bitcoin DeFi development platform: TBD54566975

"Square" stated on Twitter that a new name was needed to consolidate all its business units. Block represents reaching potential merchants in all city blocks, integrating blockchain, hosting music-filled block parties (referring to TIDAL), or a segment of code (referring to TBD).

In addition, Square also revealed its commitment to the metaverse:

You'll be thrilled to see our LOGO embracing forward-looking technologies, ready to welcome the meta, super hyper, all, or whatever you want to call it "verse."

Spiral

As for the rebranded "Spiral," the official Twitter claimed that Square Crypto no longer made sense and was renamed Spiral to symbolize the company's focus on Bitcoin. Bitcoin will continue to grow like a spiral, reaching more areas and covering everything in the world.

After the rebranding, Spiral also stated on its website:

It was long overdue for a brand reshaping. Square Crypto was never the best name.

Spiral plans to double its full-time developers in 2022, focusing on creating "THE LIGHTING DEVELOPMENT KIT, LDK" for the Lightning Network and "THE BITCOIN DEVELOPMENT KIT, BDK" for Bitcoin.

LDK will allow other wallet and app developers to easily integrate the Lightning Network, transitioning Bitcoin from an investment target to a practical means of transaction. BDK is aimed at Bitcoin native chain development, combining with LDK to create more user-friendly Bitcoin wallets.

Twitter co-founder Jack Dorsey unexpectedly announced his resignation as CEO on 11/29 to focus more on Block's development. He stated:

Block is a new name, but our mission to empower economies remains the same. No matter how we grow or change, we will continue to build opportunities to empower the public economically.

Square Inc. is expected to officially change to Block Inc. on 12/10, with the stock ticker remaining unchanged as SQ.