Square will change its name to Block on December 10. The name change is intended to house the company's various products under one brand.
Jack Dorsey, the co- founder of Square, stepped down from his role as CEO of the micro-messaging service.
The Square brand was built for the Seller business, according to the press release. The purpose of economic empowerment remains the same despite the new name of Block. We will continue to build tools to help increase access to the economy no matter how we grow or change.
The name Block is a nod to the company's growing interest in the technology. The existing product will be renamed Spiral.
The company wrote in a statement that Block references the neighborhood blocks where they find their sellers, a block party full of music, obstacles to overcome, and a section of code.
Square is not the first major tech company to change their name. Facebook changed its corporate branding to Meta just over a month ago, as the company faced increased scrutiny in the press and in Congress. Meta CEO Mark Zuckerberg felt that the Facebook brand didn't represent the company's growth to include products such as
Square said in its announcement that it was not going to get all meta on you, but it was going to.
Afterpay agreed to merge with Square. Teens aged 13 to 17 can now open accounts with parental oversight on the company's Cash App, while Tidal is preparing for a shift toward direct artist royalty payments in the new year.
The ticker symbol will remain the same. There will be no organizational changes at this time.
