Square Is Changing Its Name to Block As It Expands Beyond Its Main Payment Products
Square Inc. is changing its corporate name to Block Inc., signaling a push beyond the company’s main sales and payments products into businesses like music, cash transfers and the blockchain.
The company, co-founded and run by cryptocurrency enthusiast Jack Dorsey, will continue to call its seller product Square, and the new corporate identity won’t lead to any organizational changes. The company’s stock ticker — SQ — will also stay the same.
CEO Dorsey — who resigned from the same role at Twitter Inc. earlier this week — has long wanted to build Square from a digital-payments company into a broader organization with a number of standalone business units. In that vein, Square recently acquired Tidal, the music streaming service led by rapper Jay-Z, and started a financial services division focused on Bitcoin called TBD54566975.
