Square changes name to Block
A growing financial payments company is adopting a new corporate identity.
Square Inc., whose solutions include the Square mobile payment app and card reader, Cash App payment platform, buy now, pay later (BNPL) company Afterpay, Tidal digital music streaming service, and TBD54566975 Bitcoin exchange, is legally changing its name to Block.
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There will be no organizational changes, and Square, Cash App, Tidal, and TBD54566975 will continue to maintain their respective brands. A foundational workforce, which includes teams such as counsel, people, and finance, will continue to help guide the ecosystem at the corporate level. As a result of the name change, Square Crypto, a separate initiative of the company dedicated to advancing Bitcoin, will change its name to Spiral.
Square says it felt that the “Square” name has become synonymous with the company’s seller business, initially launched in 2009, which provides an integrated set of commerce solutions, business software, and banking services for sellers. The company intends this move to allow its seller business to own the Square brand and avoid confusion with its other solutions
According to the company, the name change to Block distinguishes the corporate entity from its businesses, or “building blocks.”
“The change to Block acknowledges the company’s growth,” Square said in a press release. “Since its start in 2009, the company has added Cash App, Tidal, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.”
Square is the second major tech company to announce a corporate name change in the past five weeks. In late October, Facebook said it was changing its corporate name to Meta. The company said the change is designed to reflect its shifting focus to building a virtual world — or metaverse ‚ where users can socialize, work and play.
[Read more: Editor’s commentary: What could the ‘Metaverse’ mean for retail?]
“We built the Square brand for our seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “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.”
Dorsey also cofounded Twitter, and recently stepped down as CEO of the social media platform.
The legal name “Square Inc.” is expected to be legally changed to “Block Inc.” on or about December 10, 2021, upon satisfying all applicable legal requirements. The company’s NYSE ticker symbol “SQ” will not change at this time. Any changes in the future will be publicly disclosed. The company’s Class A common stock will continue to be listed on New York Stock Exchange.