Square Announces Its Rebrand to Block

Square, a payments company founded and run by Twitter CEO Jack Dorsey, announced that it is changing its name to Block. The move differentiates the Square brand, which was built for the Seller business, from the corporate entity.

According to the press release, there will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands. As a result of the name change, Square Crypto, a separate initiative of the company dedicated to advancing Bitcoin, will change its name to Spiral.

The company mentioned that the new name has many associated meanings for it — 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.

The new name would become effective on or about December 10, 2021, upon satisfying all applicable legal requirements. But the "SQ" ticker symbol on the New York Stock Exchange would not change at this time.

“We built the Square brand for our Seller business, which is where it belongs,”said Jack Dorsey, cofounder 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.”

Earlier this year, Square has agreed to acquire all of the issued shares in Afterpay, an international payments platform, by way of a recommended court-approved Scheme of Arrangement.