Twitter's now former CEO Jack Dorsey's Square will be changing its name to Block. With that, this comes not too far from Facebook's decision to change its name to Meta.
Jack Dorsey's Square Changes Name to Block
According to the story by CNBC, Jack Dorsey's other company, the payment giant Square, will be effectively changing its name on Dec 10. With that, the announcement details that the change acknowledges the company's growth while creating room for further growth.
When it comes to its ticker on the New York Stock Exchange, Block will still be trading under SQ. Dorsey said that they built the Square brand directly for their Seller business which he said is "where it belongs."
Jack Dorsey CoFounded Square in 2009
The cofounder and CEO of Block, Dorsey, said in a statement that Block is a new name but the company's purpose of economic empowerment will still remain the same. With that, he assured the public that they will continue to build tools to help increase people's access to the economy no matter how they grow or change.
Square was cofounded by Dorsey back in 2009 with a focus on in-person payments as well as the namesake card reader. With that, this allows people to accept credit card payments through a simple smartphone.
Peer-to-Perr Digital Banking App
Square, the San Francisco-based company, has since added a peer-to-peer digital banking app, a small business lending, and was able to receive a bank charter while offering crypto and stock trading.
The company bought both the buy-now-pay-later provider Afterpay as well as Jay-Z's music streaming service called Tidal, as per Vox. With this, the company said that they are doubling down on Bitcoin with a new crypto-focused business called TBD.
Square Crypto to be Renamed to Spiral
As part of the company's rebrand, a separate part of the company that is dedicated to advancing Bitcoin known as Square Crypto will also be renamed to Spiral. To add, Block gave a statement saying the name has a lot of associated meanings for the company including neighborhood blocks and their local businesses, building blocks, communities all coming together at blocks full of music, a section of code, a blockchain, and obstacles meant for them to overcome.
As previously reported on TechTimes, Jack Dorsey stepped down as CEO of Twitter after both running the social media company and Square ever since 2015. Dorsey cited a brief saying Twitter was finally "ready to move on from its founders."
Square Growing Portfolio
With Dorsey's exit, he will now have more time to dedicate directly to the growing portfolio of Square. Dorsey, however, is also expected to focus on his public fascination with cryptocurrency.
Square was actually one of the biggest winners of last year as consumers started to shift towards digital payments. Shares are down about 2% so far in 2021 as investors are starting to rotate away from certain higher-growth tech names.
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Written by Urian B.