A couple of days after Jack Dorsey stepped down from his role as Twitter CEO, his payment firm Square is rebranding its corporate entity to Block, effective from December 10.
The payments giant’s name change indicates its expansion beyond its original credit card-reader business, and its growing focus on blockchain technology and cryptocurrency. The current Square Crypto product’s new name will be Spiral. Block will stand as the corporate parent of Square, which will continue to be the name of the business that offers software and services to sellers. Its ticker symbol (SQ) will also not change.
The announcement came in a press release that also states that there would be no organizational changes. Dorsey, the co-founder of Square, will remain at its helm.
Why is Square changing its name?
To quote the company PR, “The name change to Block distinguishes the corporate entity from its businesses or building blocks.” “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 new website of Block with a vibrant animated logo displays Block as the parent of its new ecosystem with Square, Cash App, Spiral, TIDAL, and TBD54566975 as its building blocks. Each of its businesses will have unique identities within the entire system.
So, it is clear that the rebranding aims to highlight the enlarged offerings that Square offers now. It’s not a small business financial solutions any longer. The new name represents Square’s future vision. It assimilates blockchain as one of its vision, which is also a major focus of its CEO Jack Dorsey.
Square’s rebranding move follows similar rebrandings by other tech giants in the recent past. Google placed itself under parent company Alphabet in 2015 to reflect other lines of business. Facebook announced its new name as Meta a couple of months ago this year. The change reflected its CEO Mark Zuckerberg’s vision to build a virtual world called the metaverse.
Square, Inc. is a San Francisco-based financial services and digital payments company founded in 2009 by Jack Dorsey and Jim McKelvey. It has grown its interests from finances and the new name acknowledges this growth.
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