Hot on the heels of Jack Dorsey’s exit from Twitter, Square Inc. (NYSE: SQ) announced today that it will be renamed to Block.
Block will be the new brand name representing Square and its linked businesses: Cash App, TIDAL, and TBD54566975 (TBD), all operating under Block as its primary corporate entity. Square’s previous Bitcoin-focused initiative, Square Crypto, will also receive a new name: Spiral.
We’re changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is “Block.” Why? https://t.co/vVSKNnMUU3
— Square (@Square) December 1, 2021
The reorganization will open a new phase for the businesses to operate as an integrated ecosystem of products and services. Since its inception in 2009 by Dorsey and Jim McKelvey, Square has grown to a major financial services company with over $90 billion in market capitalization.
“We built the Square brand for our Seller business, which is where it belongs,” shares Block co-founder and CEO Dorsey. “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,” he adds.
With the change in corporate nomenclature, one that’s reminiscent of Google turning into Alphabet, and Facebook turning into Meta, Square (now collectively known as Block) is effectively positioning to become a leading brand name in the overlapping sectors that its products and services serve. These business units would then be referred to as Block’s ‘building blocks,’ so to speak.
Square will remain as an entity for its Seller business, while Cash App will continue to offer its mobile payments service and crypto purchases, while TIDAL will be integrated into its blockchain services, perhaps (as a conjecture) in a similar method as Audius’ blockchain-based music streaming. TBD54566975 (TBD), on the other hand, has recently disclosed information about its upcoming decentralized exchange, with a whitepaper published just over a week ago.
According to an official press release from the firm, the legal name “Square, Inc.” will be changed to “Block, Inc.” by December 10th this year, while its ticker symbol for the New York Stock Exchange will remain unchanged as “SQ”.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Credit: Source link
