American payment company Square has announced that it will henceforth be called Block. The company associates the rebranding with the desire to reflect the growth of the company since its inception, including in the field of blockchain technology. The rebranding came shortly after Square CEO Jack Dorsey, who was also Twitter’s CEO, stepped down from a senior position on the social network.
Square’s payment platform will continue to operate under its current name, while other products (notably the Cash App money transfer service and the music streaming service Tidal) will also retain their names. In a press release on the rebranding, Block compares its divisions to the building blocks that make up its business. Square Crypto’s Bitcoin promotion initiative will henceforth be called Spiral.
The company has no plans to change the SQ ticker on the New York Stock Exchange yet. The legal entity of the company is expected to change its name around December 10.
On November 29, Jack Dorsey announced his departure from Twitter, replaced by CTO Parag Agrawal. Mr Dorsey will remain a member of Twitter’s board of directors until his term expires in 2022. In 2020, activist investment fund Elliott Management urged the CEO of Twitter and Square to step down from one of these posts, as it considered it impossible for Jack Dorsey to give equal attention to two companies at the same time.
Read more about the rearrangements in the company – in the material “Kommersant FM” “Twitter has lost its head.”