Jack Dorsey-led Square rebrands to Block
Square, a payments company led by Twitter co-founder Jack Dorsey, is changing its name to Block.
The announcement comes a few days after Dorsey stepped down as Twitter’s chief executive officer.
This, as Square looks to expand beyond its payment business and into new technologies like blockchain, according to Reuters.
Square was founded in 2009 by Dorsey and Jim McKelvey, and launched its first platform in 2010. It has been traded as a public company on the New York Stock Exchange since November 2015.
In a statement, Square says Block will be the name for the company as a corporate entity. It notes the Square name has become synonymous with its seller business, which provides an integrated ecosystem of commerce solutions, business software and banking services for sellers, and this move allows the seller business to own the Square brand it was built for.
It says the change to Block acknowledges the firm’s growth. “Since its start in 2009, the company has added Cash App, Tidal and TBD54566975 as businesses, and the name change creates room for further growth.”
Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people – individuals, artists, fans, developers and sellers, it adds.
“We built the Square brand for our seller business, which is where it belongs,” says Dorsey, co-founder and CEO of Block.
“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”