Jack Dorsey’s Square is changing its name to Block to differentiate between the corporate entity and the Seller business. The company’s bitcoin initiative, Square Crypto, has also been rebranded to Spiral.
The name is expected to change to Block on December 10, 2021, legally, the company announced on Wednesday. However, the NYSE ticker symbol ‘SQ’ won’t see any change for now.
The move comes merely two days after Dorsey stepped down as the CEO of Twitter and was replaced by Parag Agrawal, former CTO.
Jack Dorsey and Jim McKelvey founded Square in 2009 as a financial service platform. Since then, the company has acquired Tidal, Cash App and TBD54566975.
According to the company, this move allows the Square brand to focus on providing an array of business solutions, software and banking services for sellers. On the other hand, Block becomes the corporate entity, which will now include Square alongside the brands mentioned above.
“We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy,” said Jack Dorsey.
The new company name could owe to Dorsey’s affinity for blockchain and the cryptocurrency ecosystem.
Square Crypto’s rebranding to Spiral also indicates that they want to establish Square as a separate brand, moving away from the corporate image it has created over the years.
If you're a stockholder, there's no action needed from your side. The company's Class A common stock will be listed on NYSE, with no changes to CUSIP.