In a not-so-subtle nod to crypto and blockchain, payments company Square, which is led by Twitter co-founder Jack Dorsey, changed its corporate name to Block this week.

Why should we care?
The rebrand won’t result in any organizational change, though the company's seller-focused offerings will still be called Square. The name seeks to distinguish the company’s corporate identity from its various business lines, a trajectory similar to Facebook’s recent Meta rebrand. The company’s choice of name supports its ongoing interests in crypto and blockchain. “The name has many associated meanings for the company – building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” the company said in a statement. Square’s Cash App currently allows users to buy and sell bitcoin, but the company has suggested it wants to build a decentralized finance system based on bitcoin. Meanwhile, Square Crypto, a team within the company “dedicated to advancing Bitcoin,” will change its name to Spiral.