Square, a financial services company co-founded by now-former Twitter CEO Jack Dorsey, is changing its name to Block, the company announced Wednesday. Square has grown beyond just offering financial services — it took a majority stake in the music streaming service Tidal this year, for example — which Block is using as the justification for the new name.
“The change to Block acknowledges the company’s growth,” the company said in a press release. “Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.”
Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y— Block (@blocks) December 1, 2021
Block says there will be no organizational changes as a result of the new name, though the company’s Square Crypto initiative is being rebranded to Spiral. The new Block name is expected to legally go into effect “on or about” December 10th. Its ticker symbol, SQ, will “not change at this time.”
The changes are being announced just two days after Dorsey, a noted Bitcoin enthusiast, resigned as CEO of Twitter. Previously, he had served as the CEO of both Twitter and Square simultaneously. He remains the CEO of Block.
The new Block name arrives just over a month after Facebook changed its name to Meta.