Square Inc. revealed plans to change its name to Block. The company said it chose the more three-dimensional moniker to better represent its growth into a multi-brand provider of commerce solutions, business software, and banking services for sellers. Associations with the choice apparently also included everything from community block parties, to blockchain technology, to obstacles that need to be overcome.
The renamed corporate entity will retain the Square brand name for its Seller business, which provides a point of sale and financial solutions for brick-and-mortar retailers and online merchants. Jack Dorsey, who recently stepped down as CEO of Twitter but retained the role at Square emphasized this decision, noting that the company "built the Square brand for our Seller business, which is where it belongs." He went on to say "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."
The Cash App mobile payment platform, TIDAL streaming music service, and the crypto-focused TBD54566975 financial services subsidiary, will all retain their existing titles and corporate structures under the new Block brand umbrella. However, Square Crypto, an arm of the company dedicated to "advancing bitcoin," will change its name to Spiral.
Leadership within the parent company will continue to consist of a "foundational workforce" comprised of members of the counsel, people, and finance teams, Block noted.
The legal name change is expected to become official on our around December 10. Block will continue trading on the New York Stock Exchange (NYSE) under its existing "SQ" ticker symbol. Any subsequent changes to Blocks structure or trading parameters will be disclosed to the public, Block promised.