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Digital payments firm Square, co-founded and led by former Twitter chief Jack Dorsey, changed its corporate name to Block on Wedneday as it expands into cryptocurrency and other fintech projects.
The Square payments platform, founded in San Francisco by Jim McKelvey and Dorsey in 2009, will keep its name, and the public company will keep trading under the symbol “SQ.”
Square initially provided small businesses a payment solutions by introducing devices that plug into smartphones or computer tablets to process credit or debit card payments. Since then it rapidly expanded to include Cash App and Jay-Z’s music streaming service Tidal.
“We built the Square brand for our Seller business, which is where it belongs,” Dorsey said in a release and added:
“Block is a new name, but our purpose of economic empowerment remains the same.”
Not to get all meta on you… but we’re going to! Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.
— Square (@Square) December 1, 2021
The corporate name change will not involve organizational restructuring, according to Block. Facebook recently changed its corporate name to Meta in a similar move.
The name hints at the complete ecosystem of blockchain opportunities the company pursues. Square is working on a wallet for digital assed and the company is also interested in getting involved in mining cryptocurrency.
An initiative at the company called Square Crypto will be renamed to to Spiral. The news comes shortly after Dorsey announced to be leaving Twitter.
The post Square Rebranded ‘Block’ to Better Align With Core Ambitions appeared first on iGaming.org.
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Author: Peter Siu