Square, a financial services firm co-founded by now-former Twitter CEO Jack Dorsey, has changed its name to Block. Square has extended outside banking services, as seen by its recent acquisition of a majority share in music streaming provider Tidal, which Block is citing to justify the new identity.
In a press release, the business stated, “The shift to Block reflects the company’s expansion.” “Since its inception in 2009, the company has grown to include Cash App, TIDAL, and TBD54566975 as businesses, and the name change allows for even more expansion.” “Individuals, artists, fans, developers, and sellers are all served by Block, which is an umbrella ecosystem comprising various enterprises unified by the goal of economic empowerment.”
Read more: Who is Parag Agrawal, the new Twitter CEO replacing Jack Dorsey?
“We built the Square brand for our Seller business, which is where it belongs,” said Dorsey.
“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,” he said in a statement late on Wednesday.
Although the company’s Square Crypto effort is being rebranded to Spiral, Block claims there will be no organizational changes as a result of the new name. The new Block name is set to take effect “on or about” December 10th. “At this moment,” its ticker sign, SQ, will “not change.”
The adjustments come just two days after Dorsey, a well-known Bitcoin supporter, quit as Twitter’s CEO. He was once the CEO of both Twitter and Square at the same time. He is still the company’s CEO.
Just over a month after Facebook changed its name to Meta, the new Block name has arrived.
