Square Rebrands Name To Block To Create Room For Further Expansion

Square now Becomes Block

Square revealed the name change via a tweet thread on Wednesday (Dec. 1, 2021). According to the company which would now be known as “Block”, the digital payments giant said it has been working on rebranding its official corporate name for more than one year while adding that it would maintain its ticker symbol SQ on the New York Stock Exchange (NYSE).

An excerpt from an official statement reads:

“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.”

Since its establishment back in 2009, the company has added some firms, which include the music-streaming service Tidal, mobile payment platform Cash App, and later created an open developer platform called TBD, which focuses on Bitcoin. Block is a name tie for Square, Cash App, Tidal, and TBD54566975.

Square, meanwhile, said that the development would not cause any structural or organizational changes, adding that the company, along with the three other platforms, “will continue to maintain their respective brands.”

The rebranding also caused a name change for Square Crypto, another project of the digital payments giant which would now be known as Spiral. Meanwhile, Square stated that the legal change to Block will happen by December 10, 2021, after fulfilling all legal requirements.

Commenting on the name change was the co-founder and CEO of Square (now Block), Jack Dorsey, who said:

“We built the Square brand for our Seller business, which is where it belongs. 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.”

Jack Dorsey’s Exit as Twitter CEO

Meanwhile, the latest development comes a few days after Dorsey resigned from his position as the CEO of the popular microblogging platform Twitter. According to Dorsey, part of the reason for making the decision, which he said was voluntary, was so that the company could break free from the influence of its founders.

Following Dorsey’s resignation, Parag Agrawal, who served as Twitter’s chief technology officer (CTO) since 2017, became the new CEO effective immediately. Meanwhile, Parag’s predecessor will remain a member of the Board until the expiration of his term around mid-2022.

A statement from the former Twitter CEO said:

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead.”

Dorsey has been a known bitcoin proponent, while earlier stating that BTC should be a big part of Twitter’s future. Under his leadership, Twitter has shown support for the cryptocurrency industry, with the platform back in September enabling users to tip content creators with Bitcoin.

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