Square, Inc., a financial services company, changed its corporate business name to Block days after Jack Dorsey, former CEO of Twitter stepped down and was replaced by new Twitter CEO Parag Agrawal.
They announced Wednesday, December 1, that Block will be the new company name of Square as a corporate entity starting December 10. This decision was generated by the company’s vision for growth as Square has become synonymous to the company’s Seller business.
CEO and co-founder of Block, Jack Dorsey stated, “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.
This name alteration, which has been going on for over a year, set apart Block as a corporate entity from its businesses. Square, Cash App, TIDAL, and TBD54566975 will carry on to keep their respective brand names and there will be no organizational changes.
A separate initiative of the company committed to advancing Bitcoin, Square Crypto, will alter its name to Spiral as a result of the name change.
“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,” stated Square in a tweet.
However, the company’s NYSE ticker emblem “SQ” will not be changed. Any changes of the symbol will be publicly revealed. It’s Class A common stock will remain to be listed on NYSE and the CUSIP will remain unchanged.
Square isn’t the only gigantic tech company to rebrand this year. Facebook CEO Mark Zuckerburg renamed its corporate branding to Meta over a month ago. With the same growth vision as Block, Zuckerburg felt that Facebook doesn’t constitute to the company’s development and innovation.