Following Jack Dorsey’s resignation announcement on Monday, two days later Dorsey’s payments company, Square Inc., disclosed that it was rebranding and changing its name to Block Inc. The company said the name Block has “many associated meanings” including the term “blockchain.”
Square changes name to “Block” – Square Crypto changes name to “Spiral”
On Wednesday, Square Inc., the company founded in 2009 by Jack Dorsey and Jim McKelvey, decided to change its name following Facebook’s name change to “Meta”. The news follows the announcement of Jack Dorsey’s resignation when he explained on Monday that he would be stepping down as CEO of Twitter. “We built the Square brand for our sales business, which it belongs to,” said Jack Dorsey, co-founder and CEO of Block during the announcement Wednesday. Dorsey added:
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.
Since Dorsey stepped down, many people believe this move is good for bitcoin and that Dorsey’s past statements reflect that he wants to work in the cryptocurrency world. Square’s name change announcement also mentions blockchain technology and further reveals that Square’s subsidiary Square Crypto will also be changing its name.
“The name change to Block distinguishes the corporate entity from its businesses, or building blocks,” the rebrand announcement further states. “There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. A foundational workforce, which includes teams such as Counsel, People, and Finance, will continue to help guide the ecosystem at the corporate level.” The payment company’s blog post adds:
Following the name change, Square Crypto, a separate company initiative dedicated to the advancement of Bitcoin, will change its name to Spiral.
‘Building Blocks and Blockchain’ — Payment Firm’s Shares Slip Close to 2% After Rebrand Announcement
The name, the company says, has various associated meanings for the business. The name Block represents “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 announcement concludes.
The company’s shares hit a high of $ 197.95 on Wednesday, but have since fallen 1.74% to $ 194.50 per unit. The 30-day metrics show the block’s shares slipped 22.96% from the share’s 30-day high on November 3, to $ 252.48 per share. Year-to-date, shares of the payout company have been volatile, rising from $ 226 per share to the 2021 high of $ 281 per share on August 5.
