Square, the digital payments company co-founded and still led by Dorsey, announced on wednesday that it is renaming “Block”.
Block will represent the parent company of square (SQ), will remain the name of the business that provides the software and services to the seller.
“We’ve built the Square brand for our Merchant business, which is where it belongs,” Dorsey said in a statement. “Block is a new name, but our purpose for economic empowerment remains the same.”
The company’s ticker symbol on the New York Stock Exchange will remain “SQ” for now, although its legal name will change from “Square, Inc.” to “Block, Inc.” around December 10. The various brands currently under Square, including Cash App and music streaming service Tidal, will keep their respective names and organizational structures. Pay later, Australians buy now, pay later for that company Square Bought in August for $29 billion, was not mentioned.
However, there is another name change. “Square Crypto, a separate corporate initiative dedicated to the promotion of Bitcoin, will change its name to Spiral,” the company said in its statement.
Square’s move follows similar brands by other big tech companies like Google, put itself under parent company Alphabet in 2015. In a more recent example, social media giant Facebook renamed to Meta (with new logo) at the end of October this year.
Square’s Twitter account (will now switch to the @blocks handle), apparently teased Facebook’s change in a post on Monday.
“Not to let all the meta be on you… but we will!” @Square handle indicates before announcing the new name and the range of meanings it assigns to that new name.
“Block refers to the neighboring blocks where we find our sellers, a block chain, block parties full of music, obstacles to overcome, part of code, building blocks and of course , block of tungsten. ”
