Jack Dorsey Block Spiral Focused on Bitcoin

Payments giant Square will change its corporate name to Block Inc., the company said in a statement Wednesday. Square Crypto, its subsidiary focused on funding Bitcoin development, is now called Spiral.

The name alludes to Spiral’s focus, Bitcoin, as it continues to grow “like a spiral from a single point, encompassing more and more space until it touches everything,” Square tweeted.

“Once Square decided to rebrand, we knew it was time for our own long-overdue rebrand,” per Spiral’s website. “After all, Square Crypto was never the best name for our team.”