Jack Dorsey-led digital payments firm Square has rebranded its corporate entity to Block, keeping the Square brand for its seller business.
According to the company, Square brand was originally built for the seller business, which offers commerce solutions, business software, and banking services for sellers.
Block will comprise the firm’s various businesses including Cash App, TIDAL, and TBD54566975.
Besides, the firm’s cryptocurrency initiative Square Crypto will be renamed as Spiral.
There will be no organisational changes as part of the name change.
Commenting on the development, Block cofounder and CEO Jack Dorsey said: “We built the Square brand for our Seller business, which is where it belongs.
“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.”
The new name comes amid the firm’s growing interest in blockchain technology and cryptocurrency.
In June this year, it announced plans to invest $5m to build an open-source, solar-powered bitcoin mining facility at one of the US sites of Blockstream Mining.
Other moves by Block
In September this year, Block launched integrated omnichannel payment solutions for France’s small businesses and large enterprises.
The same month, the firm introduced a contactless payment method – Cash App Pay – for sellers and consumers.
In August, it agreed to buy Australian ‘Buy Now Pay Later’ outfit Afterpay for nearly $29bn.
