Earlier this week we heard that Square and Twitter CEO Jack Dorsey was leaving Twitter. He is now just the CEO of Square and now Square is changing its name to Block.
Block will be the name of the company going forward and this change will happen on the 10th of December, as the company has expanded outside its original Square payment system and the Square will continue as part of the company.
Square, Inc. (NYSE: SQ) announced today that it is changing its name to Block. Block will be the name for the company as a corporate entity. The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.
The change to Block acknowledges the company’s growth. Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.
So basically the Square Inc company will now be called Block Inc, although the Square brand will still be part of the company.