Square has announced that it will be rebranding its name into Block to focus on technologies such as blockchain and move beyond payment processing. The firm is now seeking to rebrand into Block.
The firm has that its new name will go live on December 10 while also acknowledging the strides the firm has made. The company will continue trading at the New York Stock Exchange under the ticker SQ.
Square rebrands into Block
The co-founder and CEO of the firm, Jack Dorsey, commented on this rebranding, stating that,
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.
Square was founded by Dorset in 2009, and it is a payments solution firm that facilitates in-person payments. It also acts as a card reader that allows people to accept credit card payments through their smartphones.
Square is based in San Francisco, and it offers a variety of banking services. It has a bank charter that allows it to offer crypto and stock trading services while also having a peer-to-peer digital banking app and a small business lending platform.
Square has already acquired Afterpay, a BNPL service provider. Its affiliate firm, Square Crypto, will also be changing its name to Spiral.
Dorsey resigns from Twitter
On Monday, Dorsey announced that he was resigning from Twitter, and he would no longer be the company’s CEO. Dorsey has been the CEO of the two companies since 2015.
Dorsey stated that the social media platform was mature to move from its founders in a Twitter post. His resignation means that he will have ample time to focus on Square’s growth. Dorsey is one of the most vocal crypto supporters.
The recent rebrand of Square came around a month after Facebook announced that it would be changing its name into Meta to allow the firm to launch the metaverse.
Square has seen notable growth this year. It was one of the best-performing firms in 2020 after the mainstream adoption of digital payments. However, the firm’s shares tumbled by around 2% in 2020.
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