Square, the financial services firm co-founded by the former Twitter CEO Jack Dorsey, is changing its name to Block. Square has grown to the point of offering more than just financial services: the company bought a majority stake in the music streaming service Tidal this year, just to give an example, an investment that Block is now using as justification for the new name. .
Square diventa Block
“The name change to Block serves to underline the company’s growth – the company said in a press release – Since its inception in 2009, the company has acquired Cash App, TIDAL and TBD54566975 and the name change creates space for further growth. Block is a global ecosystem of many companies united by their purpose of economic empowerment and caters to many people: individuals, artists, fans, developers and vendors ”.
Block says there will be no organizational changes following the name change, albeit the initiative Square Crypto of the company was renamed to Spiral. The new name Block is expected to take effect legally around December 10th.
These news were announced just two days after Dorsey, a well-known Bitcoin enthusiast among other things, stepped down from his position as Twitter CEO. Previously, the executive held the position of CEO of Twitter and Square at the same time, so it looks like he now wants to devote himself entirely to the second company, starting with rebranding of the name.
In any case, this choice is anything but casual, given that the giants of the online technology industry are all taking their first steps towards a change of identity, just think of Facebook which has recently changed its name to Meta and plans to launch his own version of the metaverse shortly.