FinTech: Square Inc, The Company, Renames Itself Block
The company’s Seller business will retain its Square brand.
Square Inc (NYSE: SQ) announced Wednesday its change of name to Block. The renaming applies to the corporate holding entity, distinguishing it from its different businesses (“building blocks”), who will all continue to maintain their respective brands. There will also be no organizational change. (BusinessWire)
“The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for,” the company said in a statement.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “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.”
Interestingly, though the Square, Cash App, TIDAL, and TBD54566975 businesses will continue to maintain their respective brand names, Square Crypto, a separate initiative of the company dedicated to advancing bitcoin, will change its name to Spiral.
Dorsey stepped down as chief executive of Twitter (NYSE: TWTR) on November 29, handing over reins to CTO Parag Agarwal, and turning all his focus to Square.
Renaming the company to Block was his very first move, likely emphasising plans to expand in the realm of blockchain technology.
Tech giants renaming themselves appears to be a new trend in the making. In October, Facebook (NASDAQ: FB) rechristened itself as Meta, in a move symbolic of its pivot towards the new metaverse digital frontier.
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