Square, the mobile payments platform led by Jack Dorsey, changes its name and becomes Block Inc. The change represents a new turning point for Dorsey, who recently stepped down as CEO of Twitter.
Square announced today that it will change its name to “Block Inc”. The company name will therefore be Block. This allows the selling business unit to own the Square brand for which it was built, which has become synonymous with the business entity of the company, which provides an integrated ecosystem of business solutions, business software and banking services. Block is therefore an ecosystem made up of many companies united, aimed at economic enhancement, and has many subjects among its customers, including individuals, artists, enthusiasts, developers and sellers.
“We built the Square brand for our selling business, because it’s right there,” said Jack Dorsey, co-founder and CEO of Block, as reported in a Businesswire release. “Block is a new name, but our purpose of economic empowerment remains unchanged. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”
The change of name to Block – as previously mentioned – distinguishes the corporate entity from its commercial activities or constituent elements. There will be no organizational changes and Square, Cash App, TIDAL and TBD54566975. they will continue to maintain their respective brands. Teams such as legal, human resources and finance teams will also continue to contribute to the ecosystem at the corporate level. As a result of the name change, Square Crypto, a separate initiative of the company that deals with the advancement of Bitcoin, will change its name by adopting Spiral.
It is expected that the business name “Square, Inc.” will be changed to “Block, Inc.” around 10 December 2021, after having fulfilled all legal requirements. “SQ”, the ticker symbol on the company’s NYSE will not change for now.
