Square's rebranding as Block could signal a move into crypto
Having stepped down as CEO of Twitter, Jack Dorsey is not done with change. His other company Square has just announced that it is changing its name to Block -- something it says "differentiates the Square brand, which was built for the Seller business, from the corporate entity".
With the rebranding there will be no organizational changes; Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. While a press release expresses some of the thinking behind the change in name, many believe it is also a reference to blockchain, and could signal a move into cryptocurrencies.
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Announcing the change, the company says: "The change to Block acknowledges the company's growth. 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".
There is a brief concession to the fact that the new name has blockchain connotations, with the press release about the rebranding saying:
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.
While the name has led to some speculation about a potential move into cryptocurrencies, it's important to remember that blockchain has many uses outside of finance too.
In addition to the press release ("if press releases are your thing"), Block also tweeted about the change in name. Despite Twitter having been in the control of Jack Dorsey until just a few days ago, it seems that the company was not able to bag itself the @Block username, having to settle instead for the pluralized version:
The company's NYSE ticker symbol is not changing from the existing SQ, and the overall rebranding is expected to be legally completed "on or about" December 10, 2021.
Block's new website can be found at block.xyz.