days after Jack Dorsey resigning as CEO of Twitter, your other company announced that it is changing its name.
Square, a digital payments company co-founded by Dorsey, and in which the executive remains in charge, announced on Wednesday (1) that it now calls “Block”.
Block will represent Square’s corporate parent, which will continue to be the name of the company that provides software and services to vendors.
“We built the Square brand for our seller business, which is where it belongs,” Dorsey said in a statement. “Block is a new name, but our purpose of economic empowerment remains the same.”
The company symbol on the stock exchange of Nova York will remain “SQ” for now, he said, although its legal name changes from “Square, Inc.” to “Block, Inc.” around December 10th.
The various brands currently under Square’s umbrella, including Cash App and music streaming service Tidal, will retain their respective names and organizational structure.
Australia’s Afterpay, which Square bought in August for $29 billion, was not mentioned.
However, there is another name change. “Square Crypto, a separate company initiative dedicated to advancing bitcoin, will change its name to Spiral,” the company said in its statement.
Square’s move follows similar moves by other big tech companies like Google, which placed itself under parent company Alphabet in 2015. In a more recent example, social media giant Facebook changed its name to Meta – with a new logo – at the end of October this year.
Square’s Twitter account, which will now switch to the @blocks identifier, appeared to mock Facebook’s change in a post on Monday (29).
“Not wanting to be all meta[linguístico] with you guys … but we will!” said the Square account before announcing his new name and a series of meanings attributed to it.
“Block refers to the neighborhoods where we find our vendors, the blockchain, music-filled neighborhood parties, obstacles to overcome, a code section, building blocks and, of course, tungsten cubes.”
Reference: CNN Brasil
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