The parent company of Cash App and Tidal will now go under the new corporate name of “Block”.
Other individual businesses owned by Block, referred to by the company as “building blocks”, will keep their original names except for the company’s Square Crypto initiative.
Square Crypto, whilst keeping it’s ticker name of SQ on the stock exchange, will be renamed as Spiral.
These name changes follow Dorsey’s well known interest in cryptocurrency, with the business having $220 million in bitcoin in its treasury according to the Wall Street Journal.
This contributes to Dorsey, who Forbes estimates to be worth $10.8 billion, as being one of the most influential cryptocurrency advocates worldwide.
Square’s name change comes just over a month after Mark Zuckerberg rebranded Facebook group to Meta.
Square’s business involves payment systems such as banking products for retailers as well as those small square card readers you see at some vendors.
The company’s name change is therefore is simply the introduction of a new corporate name to “tie” the company’s building blocks together.
There will be no organisational change as a result of the name change which is expected to go legally into effect around December 10th..
