Payments company Square Inc, led by former Twitter CEO Jack Dorsey has changed its name to Block Inc, underscoring that it looks to expand beyond its payment business into new technologies including blockchain.
While the name “Square” had become synonymous with it’s seller business, the new name would distinguish its corporate entity from its businesses, said Square.
The move is similar to Facebook’s rebranding its name to Meta Platforms last month.
The company has reiterated that “there would be no organizational changes and its different business units – Square, peer-to-peer payment service Cash App, music streaming service Tidal and its bitcoin-focused financial services segment TBD54566975 – will continue to maintain their respective brands”.
With the news reaching the market, its shares were up nearly 1% in extended trading.
“The name has many associated meanings for the company — 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,” said Square in a statement.
Square has also been weighing the creation of a hardware wallet for bitcoin to make its custody more mainstream.
The new name would become effective on or about December 10, said Square.