On December 2, Square announced that it will change the name of the company so that it can give the “Square brand a complete view” of its Seller business. The Seller Division provides an integrated ecosystem of commercial solutions, business software and banking services for sellers. The name change also distinguishes the corporate entity from its activities or constituent elements.
The move follows the decision of social media giant Facebook (Facebook shares) which was renamed to Meta at the end of October. It also comes just days after CEO Jack Dorsey stepped down from Twitter.
Referencing the blockchain, but not necessarily cryptocurrencies, the announcement added:
“Not to get all the meta on you… but we will! Block refers to the neighborhood blocks in which we find our sellers, a blockchain, parties full of music, obstacles to overcome, a section of code, building blocks and, of course, tungsten cubes ”.
Square Crypto becomes Spiral
The company added that obviously “Square Crypto” no longer makes sense, so the team is changing its name to Spiral, adding:
"This rebrand reflects their focus on Bitcoin as it continues to spiral from a single point, embracing more and more space until it touches everything."
Dorsey commented that “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. "
Earlier this year, Dorsey said he would leave both companies to work on Bitcoin if needed, stating at the time, “If I weren't in Square or Twitter, I'd be working on Bitcoin. If he needed more help than Square or Twitter, I'd leave them for Bitcoin. But I believe that both companies have a role to play ”.
The legal name "Square, Inc." should be officially changed to "Block, Inc." around December 10, according to the announcement.
The expected Meta-flop
According to some industry insiders, Facebook's rebranding to Meta may not actually achieve its purpose. Yat Siu, president and co-founder of Animoca Brands, a true metaverse company, said that “What Facebook is doing with the meta… is a 'false metaverse', unless they actually have a real description of how we can really own it ".
According to Reuters, Facebook has completely missed the focal point, unless it allows digital ownership. And what do you think of these numerous rebranding? Sometimes some stories weren't as successful as hoped. Let us know in the comments below.
