Following intense speculation on Monday, we may now know how Jack Dorsey is diving deeper into crypto post-Twitter. His other company, Square, said Wednesday that it’s changing its name to Block, a clear nod to the blockchain technology that powers crypto.
Blockchain was the most concrete, business-related reason Square gave for the name change, outshining other even more imaginative references it made to building blocks and block parties. The rebrand likely signals that Square is expanding further into crypto—it already allows customers to buy and sell bitcoin through its Cash App, its TBD division is building a decentralized bitcoin exchange and its Square Crypto initiative is funding bitcoin developer projects. The last group is rebranding itself as Spiral under the name change.