Square Inc., the financial services company founded by Jack Dorsey, is changing its corporate name to Block as a symbol of growth.
“We built the Square brand for our Seller business, which is where it belongs,” said Dorsey, the company’s CEO. “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.”
According to a press release, the name Block encompasses many different aspects of the company’s forward-looking plans, including “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.”
The name Block Inc. will also distinguish the corporate entity from its subsidiaries — referred to as “building blocks” — which include Square, Cash App and TIDAL. The company also plans to rename Square Crypto, its separate initiative dedicated to advancing Bitcoin, to Spiral.
The company expects to officially change its legal name from Square Inc. to Block Inc. around December 10. The company’s New York Stock Exchange ticker symbol “SQ” will not change at this time.
The name change comes just days after Dorsey officially stepped down as CEO of Twitter, with CTO Parag Agrawal taking his place.
In other news, David Marcus, Facebook’s crypto lead, is stepping down.
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