{"id":12795,"date":"2021-12-01T22:31:00","date_gmt":"2021-12-01T22:31:00","guid":{"rendered":"http:\/\/ci0293ab3110002594"},"modified":"2021-12-01T22:31:00","modified_gmt":"2021-12-01T22:31:00","slug":"jack-dorsey-block-spiral-focused-on-bitcoin","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/jack-dorsey-block-spiral-focused-on-bitcoin","title":{"rendered":"Jack Dorsey Is Now Focused On \u2018Making Bitcoin More Than An Investment\u2019"},"content":{"rendered":"
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Payments giant Square will change its corporate name to Block Inc., the company said in a statement<\/a> Wednesday. Square Crypto, its subsidiary focused on funding Bitcoin development, is now called Spiral.<\/p>\n

The name alludes to Spiral\u2019s focus, Bitcoin, as it continues to grow \u201clike a spiral from a single point, encompassing more and more space until it touches everything,\u201d Square tweeted<\/a>.<\/p>\n

\u201cOnce Square decided to rebrand, we knew it was time for our own long-overdue rebrand,\u201d per Spiral\u2019s website<\/a>. \u201cAfter all, Square Crypto was never the best name for our team.\u201d<\/p>\n

Having \u201cSquare\u201d tied to its name \u201cdrew a direct line between the corporate benefactor we are supposed to be independent of and us,\u201d Spiral said. On the other hand, having \u201ccrypto\u201d in its name led to confusion, as the company is focused solely on Bitcoin.<\/p>\n

An intention to better separate Square\u2019s many product lines and offerings was also the backbone reason for the corporate rebranding to Block. Square will now only represent Block\u2019s Seller business.<\/p>\n

\u201cWe built the Square brand for our Seller business, which is where it belongs,\u201d Jack Dorsey, co-founder and CEO of Block, said in the statement. \u201cBlock 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.\u201d<\/p>\n

Square Inc. is expected to be legally changed to Block Inc. on December 10, but the company\u2019s NYSE ticker symbol, SQ, will not change. Square, Cash App, TIDAL, and TBD will maintain their respective brands.<\/p>\n

Spiral and TBD are two initiatives under the Block\u2019s umbrella that focus entirely on Bitcoin. While Spiral is dedicated<\/a> to building and funding \u201copen-source projects aimed at making bitcoin the planet\u2019s preferred currency,\u201d TBD is currently focused on developing a decentralized bitcoin exchange<\/a>.<\/p>\n

Square\u2019s rebranding came only a couple of days after CEO Jack Dorsey stepped down from his role as Twitter chief executive officer.<\/p>\n","protected":false},"excerpt":{"rendered":"

The billionaire\u2019s bitcoin funding initiative Square Crypto has rebranded to Spiral and is aimed at \u201cmaking bitcoin the planet\u2019s preferred currency.\u201d<\/p>\n","protected":false},"author":2572,"featured_media":10733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[681,1087,749],"class_list":{"0":"post-12795","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-jack-dorsey","9":"tag-spiral","10":"tag-square"},"author_data":{"id":2572,"name":"Namcios","nicename":"namcios","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/pfp-96x96.png"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/jack-dorseys-square-to-launch-a-bank-in-2021.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/12795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2572"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=12795"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/12795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/10733"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=12795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=12795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=12795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}