The digital payment company Square has announced that it has changed the company’s name to Block, apparently in connection with the transition to blockchain technology.

In a tweet on Wednesday, Square said that rebranding will integrate the payment company with the Cash app, the decentralized bitcoin (BTC) exchange project tbDEX and the music and video streaming platform Tidal. An accompanying press release states that Square Crypto, the crypto-focused subsidiary of the payment company, will also change its name to Spiral and join the Block family.

“Blocks refer to neighborhoods where we find our vendors, blockchains, block parties filled with music, obstacles to overcome, pieces of code, building blocks and of course tungsten cubes,” Kvadrat said. “We’ve been working on this change for over a year, and it’s just a change of our official name; it is not our goal, vision, structure or way of operating. ”

The change came just two days after Square boss Jack Dorsey left his Twitter post, citing the need to give his replacement, chief technology officer and board member Paraju Agraval, the opportunity to operate without his influence on social media. giant. At the time, many speculated that Dorsey would delve deeper into cryptocurrency and blockchain thanks to Square’s operations, in the same way that Facebook took its role from social media to Meta.

“Cluster is a new name, but our goal of expanding economic opportunities remains the same,” Dorsey said of the name change. “No matter how we grow or change, we will continue to create tools that will help expand access to the economy.”

RELATED: Jack Dorsey Lays Out Squares’ First Plans for a Bitcoin Hardware Wallet

Squire said the legal name change will take effect “around” Dec. 10. There will be no regulatory changes to Block, Cash App, Tidal, Spiral or tbDEX, according to the company.

Source: CoinTelegraph