Key Takeaways
- Some companies are dropping terms like “crypto” and “DeFi’ from their names.
- As these companies expand into new sectors, traditional crypto branding may no longer reflect the full scope of their ambitions.
- Rebranding often aims to reduce friction and unify platforms under a single identity, while becoming more appealing to the wider market.
In recent years, numerous companies in the crypto and Web3 space have rebranded to remove overt “Web3-native” terminology.
This trend accelerated after 2022, as firms sought to distance themselves from several crypto market-related scandals.
Shifting From Web3 Label for Mainstream Appeal
The collapse of high-profile projects and platforms, such as FTX, cast a harsh shadow over the crypto industry in many mainstream circles.
To broaden their appeal, many crypto and Web3 firms have started phasing out terms like “crypto,” “DeFi,” “DAO,” and “NFT” from their branding and public messaging.
For firms with long-term ambitions, especially those seeking institutional and traditional finance partnerships, the use of crypto-native language can carry a risk of alienation.
Meanwhile, as the technology continues to mature, many companies have found their offerings branching into new horizons, such as gaming, AI and infrastructure.
MakerDAO to Sky Protocol (2024)
In 2024, MakerDAO, known for operating the Maker protocol, underwent a major rebrand.
The name changed to Sky, with its stablecoin DAI rebranded as Sky Dollar. It also launched a new governance token called SKY.
The move aimed to make the project more accessible to a broader audience beyond the crypto-native community.
Speaking to The Defiant, founder Rune Christensen said the rebrand addressed one of Maker’s long-standing issues, “that it wasn’t so approachable.”
However, the community’s reaction was mixed. Some users criticized the rebrand as being “too Web2.”
In October, Christensen acknowledged the pushback on X, noting the community’s deep attachment to the original brand:
“It is now more clear than ever just how much the DeFi community loves and trusts the Maker brand,” he wrote.
“There is a lot of affinity for what the Maker brand stands for—stability, security, and DeFi at scale. And there is a strong commitment to holding the MKR token rather than upgrading to SKY,” he added.
Web3 Ventures to Orthogonal Global Group (2024)
In 2024, Web3 Ventures officially rebranded to Orthogonal Global Group, removing any direct Web3 associations from its public identity.
The rebrand reflected a broader investment thesis.
CEO David Nikzad described the company’s new direction as embracing “conscious capitalism,” investing for financial returns and meaningful societal impact.
The shift represents a focus that extends beyond crypto to wellness, healthcare, AI, fintech, and deep tech.
While Web3-related investments remain part of the strategy, they are now positioned as one component within a diversified portfolio.
The firm said the name Orthogonal embodies “progress through innovative and unforeseen methods.”
BitDAO to Mantle (2023)
In 2023, BitDAO rebranded to Mantle, migrating its operations to an Ethereum scaling solution of the same name.
After a governance vote, the BIT token was renamed to MNT (Mantle), with 235 million in favor and just 988 votes against.
The rebrand aimed to simplify the organization’s structure under a “one brand, one token” philosophy.
Mantle was likely chosen for its broader mainstream and regulatory appeal compared to the crypto-centric name BitDAO.
Initially launched in 2021, prominent investor Peter Thiel led its $230 million early funding round.
DeversiFi to Rhino.fi (2022)
In 2022, decentralized exchange DeversiFi rebranded to Rhino.fi, moving away from overtly crypto-related branding.
The change marked the launch of what the company called the “first truly frictionless platform for multi-chain DeFi.”
“Until now, users had to grapple with complex bridges, unnecessary wallets, and high network fees when moving cross-chain,” the announcement stated.
The company emphasized the need for a brand “as unique and memorable as the opportunity we’re offering—one that captures the essence of our team and project.”
Although not explicitly stated, the rebrand appeared to be an effort to make the platform more accessible to mainstream users and shift the focus from DeFi jargon to seamless financial interaction.
Square Crypto to Spiral (2021)
In 2021, Jack Dorsey’s Square rebranded its corporate identity to Block.
As part of this shift, Square Crypto, a Bitcoin-focused initiative within the company, was renamed to Spiral.
“We wish we had a meticulous ‘Why Spiral?’ manifesto to publish, but the truth is that after a long and exhausting rebranding exercise, it just looked and sounded the coolest,” the firm said.
Square Crypto was never an ideal name, the team said, as it directly linked the initiative to its corporate parent which they ultimately wanted to avoid.
“For one thing, Square Crypto drew a direct line between the corporate benefactor we are supposed to be independent of and us,” it added.
The rebrand likely reflected a broader strategic decision to distance itself from generic crypto, as Spiral’s focus remains firmly on Bitcoin.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
