Square Changes Name to Block as It Focuses to Rebrand and Extend into Other Businesses

Dec 2, 2021

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Payment company Square Inc. which is led by Jack Dorsey Twitter Inc.’s co-founder changing its name to Block Inc. said the firm on Wednesday. On the one hand, the name refers to cryptocurrencies and blockchain technologies that account for a big part of former Square’s business. On the other hand, it signals a rebranding and signs Block’s efforts to extend its payment business into new blockchain technologies, music, and cash transfers.

“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,” said the company in a blog post.

The San Francisco-based company will not change the name of its seller product Square and its ticker will remain SQ. With the identity change which aims to differentiate its corporate entity from its businesses, the organizational structure will be unchanged. Its peer-to-peer payment service Cash App, music streaming platform Tidal, and TBD5456697 which focuses on bitcoin-related financial services will continue to operate without being changed.

Jack Dorsey’s long-wanted dream was to expand Square’s offering by establishing standalone divisions that operate different businesses. Dorsey’s move occurs in the same week as he resigned as the Chief Executive Officer of Twitter. He held both positions since 2015 that caused him pressure from Elliott Management, an activist investment company.

Square has been contemplating establishing a hardware wallet for bitcoin and building up its own mining system.

The name change will be final and effective on December 10^th.

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