Square, the digital payment company, is changing its corporate name to Block to emphasize the company’s growth and work with blockchain technology.
Block CEO Jack Dorsey stepped down as CEO of Twitter after holding the joint roles since 2015. The company’s legal name will change on December 10, but its stock ticker will remain SQ. Block’s different branches — Square, Cash App, TIDAL, TBD54566975 — will keep their individual names, and Square Crypto is changing its name to Spiral.
In October, Facebook rebranded to Meta to focus on building out virtual reality and the metaverse amid the company’s PR crisis. Square’s name change paired with Dorsey’s departure from Twitter highlights the company’s motivation to expand its business model and Dorsey’s personal interest in cryptocurrency, specifically Bitcoin.
“We built the Square brand for our Seller business, which is where it belongs,” Dorsey said in a December 1 press release. “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.”