Tuesday, January 18, 2022

Jack Dorsey’s Square is changing its name to Block

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Square, a monetary companies firm co-founded by now-former Twitter CEO Jack Dorsey, is changing its name to Block, the corporate introduced Wednesday. Square has grown past simply providing monetary companies — it took a majority stake within the music streaming service Tidal this yr, for instance — which Block is utilizing because the justification for the brand new name.

“The change to Block acknowledges the company’s growth,” the corporate stated in a press launch. “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 says there might be no organizational modifications on account of the brand new name, although the corporate’s Square Crypto initiative is being rebranded to Spiral. The new Block name is anticipated to legally go into impact “on or about” December tenth. Its ticker image, SQ, will “not change at this time.”

The modifications are being introduced simply two days after Dorsey, a famous Bitcoin fanatic, resigned as CEO of Twitter. Previously, he had served because the CEO of each Twitter and Square concurrently. He stays the CEO of Block.

The new Block name arrives simply over a month after Facebook modified its name to Meta.

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