(2 December 2021 – United States) Square Payments is updating its corporate branding to “Block” in a concerted shift beyond the group’s core sales and payments competencies into new operations including blockchain, music and international money transfers.
The company will continue to refer to its seller product Square, and the new brand is not associated with organisational changes. CEO Jack Dorsey, who is a well publicised cryptocurrency enthusiast who recently resigned from the CEO role at Twitter has expressed his ambitions to diversify Square from a cashless digital payments company into a broader conglomerate with several independent business units.
The group’s project aimed at advancing Bitcoin, “Square Crypto”, will now be titled “Spiral”. Square is considering building a Bitcoin-mining system based on custom silicon that could be used by people and companies worldwide and the company recently released a white paper raising plans for a decentralized cryptocurrency exchange for trading Bitcoin, fiat money or real-world goods.
“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” Square CEO Jack Dorsey commented in a statement.
“Building blocks, neighbourhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome” Dorsey added.