Former Twitter CEO Jack Dorsey’s other company, Square, has rebranded to “Block”, effective 10th of December, 2021.
More on Square🧐 Square is an American financial services & digital payments company. Dorsey co-founded Square in 2009, & took it public in 2015. The company is currently worth almost three times as much as Twitter.
Why the name change🤷♀️ The name Square came from the company’s first business venture in 2009: square-shaped card readers.
Since then, Square has added a peer-to-peer digital banking app “Cash App”, received a bank license, & begun offering crypto & stock trading.
Square also merged with buy-now-pay-later provider “Afterpay”, acquired a majority stake in Jay-Z’s music streaming service “Tidal”, & owns almost $500 million in Bitcoin as of February 2021.
See the need for a name change now?
Why is this important🤔 Companies are changing their names to better represent their future ambitions. First, Facebook became Meta as part of its push to build the metaverse, & now Square will become Block, representing its focus on blockchain technologies. This time, however, Block will continue trading under the company’s original “SQ” ticker.
“The change to Block acknowledges the company’s growth,” the company said in a press release.
