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Square changes company name to Block

Square CEO and Twitter CEO Jack Dorsey (L) released a live cast video on November 19, 2015, while standing outside the New York Stock Exchange for Square’s IPO in New York. I am.

Lucas Jackson | Reuters

Square has changed its name to Block to focus on technologies such as blockchain and extend beyond the original credit card reader business.

Jack Dorsey’s major payments company announced a new name that came into effect on December 10, “recognizing the company’s growth” and “creating room for further growth.” Blocks will continue to be traded under the Nasdaq ticker SQ.

In a statement, Brock co-founder and CEO Jack Dorsey said, “We have built a square brand for our seller business.” Brock is a new name, but for economic empowerment purposes. Will not change. No matter how it grows or changes, we will continue to build tools to increase access to the economy. “

Dorsey co-founded Square in 2009 with a focus on face-to-face payments and card readers of the same name that can accept credit card payments on smartphones. Based in San Francisco, Square adds a peer-to-peer digital banking app, small business lending, receives bank charters, and offers cryptocurrencies and stock trading. The company has acquired later-purchased providers Afterpay and Jay-Z’s music streaming service Tidal. We are also doubling Bitcoin in a crypto-focused business called TBD.

As part of Square’s rebranding, another part of the “Dedicated to Bitcoin Advances” company known as Square Crypto will change its name to Spiral.

“The name includes building blocks, neighborhood blocks and local businesses, music-filled block parties, blockchains, code sections, obstacles to overcome, and much more,” Brock said in a statement. It has relevant implications. ” ..

Dorsey resigned from his other job as CEO of Twitter on Monday after running both Twitter and Square since 2015. But Dorsey is also expected to focus on his appeal to cryptocurrencies.

The news arrives about a month after Facebook renamed it Meta to reflect CEO Mark Zuckerberg’s plan to build a virtual world called the Metaverse. Google is famous for renaming it to Alphabet six years ago in a similar move to reflect other businesses.

Square was one of the biggest winners of 2020 as consumers moved to digital payments. So far this year, its share has declined by about 2% as investors move away from higher-growth tech names.

Square changes company name to Block

Source link Square changes company name to Block

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