Square Inc. announced that it changed the company name to Block and said that this change did not cause any difference in the organization.
It will continue to be traded as SQ without any change to the company’s stock code on the New York Stock Exchange (NYSE).
According to the statement made on Square’s official website, ”Block name change is just a name change. There will be no organizational changes and Square, Cash App, TIDAL and TBD54566975 will retain their respective brands. All teams will continue to guide the ecosystem at the enterprise level. As a result of the name change, Square Crypto, the company’s separate venture dedicated to advancing Bitcoin, has renamed itself Spiral will change to . We’ve been working towards making this change for over a year, and it only represents a change to our official corporate name; not our purpose, our vision, our structure, or how we work.”
Square aka Block is an inclusive ecosystem of many combined businesses and serves many people – individuals, artists, fans, developers, vendors.
Recently Jack Dorsey announcing his resignation from his Twitter post expressed his views on the subject as follows:
“Block is a new name, but our goal of the economic approach remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy.”
The Square name change announcement came two days after Jack Dorsey left Twitter. Jack Dorsey still sits on Twitter’s board of directors and his term is due to expire in mid-2022. Parag Agrawal, who has been Twitter’s chief technology officer since 2017, has been appointed as the new Twitter CEO by a board resolution.
Square is currently in the process of creating a hardware wallet and announced plans to create a Bitcoin mining service last October.