Maya Robertson
Square, the financial services and digital payments company co-founded and led by Jack Dorsey, who recently resigned as CEO of Twitter, is changing its corporate name to Block.
“The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome,” Square said in a statement.
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 new name would become effective on or about December 10. Block will continue to trade on the Nasdaq under the ticker symbol “SQ”.
The company’s Square Crypto will also change the name to Spiral.
“We’ve been working to make this change for over a year, and it only represents a change of our official corporate name; not our purpose, our vision, our structure, or how we operate. Shareholders: we aren’t changing our ticker symbol, we’re still $SQ.” Square said.
Jack Dorsey frequently expressed his interest in cryptocurrency. Acquiring Jay-Z’s music service Tidal for $297 million in March and buy now, pay later giant Afterpay for $29 billion in August, Square announced in February that it bought approximately 3,318 bitcoins at an aggregate purchase price of $170 million.
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