Square, Inc. has changed its corporate business name to “Block” days after Jack Dorsey stepped down as CEO of Twitter and was replaced by new Chief Executive Officer Parag Agrawal.
Square has announced on Wednesday, December 1, that starting from December 10, they will be known as “Block” to reflect their vision for growth and development. As one of the most prominent companies in financial services, this new identity seems appropriate given what we know about them so far.
Jack Dorsey, the CEO and co-founder of Block has shared his thoughts on this name alteration. “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,” Dorsey added.
There will be no organizational changes and Square, Cash App, TIDAL and TBD54566975 will carry on to keep their respective brand names. The name change, which has been in the works for over a year, distinguishes Block from its businesses.
A separate initiative of the company committed to advancing Bitcoin is changing its name. Square Crypto will be known as “Spiral” to better suit their vision for what it could become.
Square stated in a tweet, “Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.”
However, the company’s NYSE ticker emblem “SQ” will not be changed. Any changes of this symbol would be revealed to all investors publicly and CUSIP numbers will remain unchanged. The Class A common stock remains listed as well so there’s no need for any buyer or seller anxiety-related concerns at hand here.
Square isn’t the only gigantic tech company to rebrand this year. Facebook CEO Mark Zuckerburg renamed his corporate branding system Meta over a month ago with an ambitious growth vision that will help propel innovation and success to modern technology.