Square is renaming itself Block because it focuses on applied sciences like blockchain and expands past its unique bank card reader enterprise.
Jack Dorsey’s funds big mentioned in an announcement the brand new name, efficient Dec. 10, “acknowledges the company’s growth” and “creates room for further growth.” Block will nonetheless commerce beneath the ticker SQ on the Nasdaq.
“We built the Square brand for our Seller business, which is where it belongs,” Jack Dorsey, cofounder and CEO of Block, mentioned in an announcement. “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 co-founded Square in 2009 with a concentrate on in-person funds and its namesake card reader, which let individuals settle for bank card funds on a smartphone. San Francisco-based Square has since added a peer-to-peer digital banking app, small enterprise lending, obtained a financial institution constitution and provides crypto and inventory buying and selling. The corporate has acquired buy-now-pay-later supplier Afterpay and Jay-Z’s music streaming service Tidal. It is also doubling down on bitcoin with a crypto-focused enterprise referred to as TBD.
As a part of the Square rebrand, a separate a part of the corporate “dedicated to advancing Bitcoin,” generally known as Square Crypto, will change its name to Spiral.
“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,” Block mentioned in an announcement.
Dorsey stepped down from his different job as Twitter CEO on Monday after operating each Twitter and Square since 2015. Dorsey cited a perception Twitter was “ready to move on from its founders,” and can now have extra time to dedicate to Square’s rising portfolio. However Dorsey can be anticipated to concentrate on his fascination with cryptocurrency.
The information comes roughly a month after Fb modified its name to Meta to replicate on CEO Mark Zuckerberg’s plan to construct a digital world referred to as the metaverse. Google famously renamed itself Alphabet six years in the past in an analogous transfer to replicate different strains of enterprise.
Square was one of many largest winners of 2020 as customers shifted to digital funds. Shares are down roughly 2% to this point this yr, as buyers rotate away from higher-growth tech names.