Square is changing its name to Block as it focuses on blockchain technology and extends beyond its credit card reader business.
The new name, starting Dec. 10, “acknowledges the company’s expansion” and “creates an opportunity for further growth,” according to the company. On the New York Stock Exchange, Block will continue to trade under the ticker SQ.
Dorsey co-founded Square in 2009, with an emphasis on in-person payments and the company’s namesake card reader, which allowed consumers to accept credit card payments using their smartphones. Square, situated in San Francisco, has since added peer-to-peer digital banking software and small business lending, as well as a bank license and the ability to trade cryptocurrency and stocks. The company has acquired Afterpay, a buy-now, pay-later service, and Tidal, Jay-music Z’s streaming service. It’s also tripling down on bitcoin via TBD, a cryptocurrency-focused company.
In a statement, Square co-founder and CEO Jack Dorsey said, “We established the Square brand for our Seller business, which is where it belongs.” “Block is a new name, but our mission of economic empowerment hasn’t changed. We will continue to design tools to help broaden access to the economy, regardless of how we grow or change.”
Square Crypto, a separate division of the corporation “committed to advancing Bitcoin,” will change its name to Spiral as part of the makeover.
As consumers turned to digital payments, Square was one of the greatest beneficiaries in 2020. Investors are shifting away from higher-growth tech stocks, with shares down about 2% so far this year.
Despite running both Twitter and Square since 2015, Dorsey stepped down from his other position as CEO of Twitter on Monday. He feels Twitter is “ready to move on from its founders,” and that he will now be able to devote more time to Square’s expanding portfolio.