Sarah Tran
Independent Analyst
- Square has rebranded its name to “Block” which is expected to become official next week.
- The new name reflects the firm’s wish to focus on cryptocurrencies and blockchain technology.
- The rebranding comes just days after Jack Dorsey stepped down as CEO at Twitter; the crypto community speculated he would be focusing on Bitcoin.
Digital payment firm Square headed by Jack Dorsey has announced that it will rebrand to “Block,” its official name starting on December 10. The company’s change in identity aims to focus more on decentralized and blockchain technology.
Square prepares broader push into blockchain
According to the payment company, the name change has been in the works for the past year. Jack Dorsey, the CEO of Block stated that the ‘Square’ brand was built for its seller business and that the new name will continue to reflect the firm’s purpose of economic empowerment.
Square was built in 2009 by Dorsey with a focus on in-person payments and enabling people to accept credit cards on a smartphone. The company received a bank charter and also began offering cryptocurrency and stock trading services.
The company’s announcement explained that there will be no organizational changes in the firm. The name change highlights the corporate entity from its businesses and “building blocks.” According to the firm, the name ‘Block’ associates with a number of meanings, including neighborhood blocks, local businesses, communities, block parties and blockchain.
The cryptocurrency-focused branch of the payment company, Square Crypto, will be changing its name to Spiral.
The rebranding with a shift in focus toward blockchain and cryptocurrencies comes two days after Jack Dorsey stepped down from his CEO position at Twitter. He stated that while he was saddened to leave the social media firm, “yet really happy.” Speculation arose that he will be focusing on Bitcoin and other cryptocurrencies.
Recently, Facebook also rebranded, changing its name to Meta to reflect the company’s plan to build a virtual world, a “metaverse.”
Block will continue to trade under the ticker, SQ, on the New York Stock Exchange.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Google, Apple could remove Binance from their app store on Philippines SEC request
The Philippines SEC has requested Google and Apple to remove applications controlled by Binance from their App stores. The exchange’s Philippines-based users are finding the exchange inaccessible to remove their funds.
XRP rallies as Ripple slams SEC for penalties, asks regulator to establish likelihood of future violations
Ripple filed its response to the SEC lawsuit on Monday, arguing that XRP institutional sales before and after the court ruling show no disregard for the law. The firm asks for a civil penalty of no more than $10 million against the $2 billion requested by the SEC.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle price is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin (BTC) price.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?