Jack Dorseys Square changes its name: Block

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(Pocket-lint) – Square, the 12-year-old financial services firm, is changing its name to Block, possibly signaling a larger pivot to cryptocurrency.

Jack Dorsey, co-founder and CEO of Square, made public his passion for Bitcoin, cryptocurrency and blockchain technology . So much so that we have to wonder if the name “Block” is derived or inspired by “blockchain”.

Dorsey recently resigned as CEO of Twitter. He remains the CEO of Square.

Block is @Square , @CashApp , @spiralbtc , @TIDAL , @ TBD54566975 , and our core teams who support them. We are here to create simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y

– Block (@blocks) December 1, 2021

In a press release, Square said its rebranding recognizes its “growth.” The company is perhaps best known for the Cash app for peer-to-peer payments, as well as its point of sale system for businesses and possibly even its Square Cryptio initiative – which, as part of the rebranding of Square, changes its name to Spiral. Square also took a controlling stake in Tidal this year.

“The name change creates additional room for growth,” Square explained. “Block is a global ecosystem of many businesses united by their goal of economic empowerment, and serves many people – individuals, artists, fans, developers and vendors.”

Square’s new name is expected to take effect around December 10, 2021. The company has said its ticker symbol, SQ, “will not change at this time.”

Keep in mind that Facebook recently changed its name to Meta. It also retained its original ticker symbol – FB – although it is slated to change it in 2022.