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| Jack Dorsey changed his company name from Square to Block |
Square, a financial services company co-founded by former Twitter CEO Jack Dorsey, has announced that it will change its name to Block.
Square changed its name to Block as it focuses on technologies like blockchain and is expanding its original business with credit card readers.
The payment giant said in a statement that the new name came into effect on December 10, which celebrated the company's growth and created additional room for growth.
"We've built the Square brand for the seller business, to provide sellers with an integrated commerce solution, enterprise software and banking ecosystem," co-founder and CEO Dorsey said in a statement. This enables the seller's company to own the arena. The brand it was created for.
Addition: block new contacts. But our goals for economic empowerment remain the same. No matter how we grow or change, we will continue to develop tools to help us improve our access to the economy.
Jack Dorsey co-founded Square in 2009, focusing on face-to-face payments and the namesake card reader that enables people to accept credit card payments via smartphones.
Since then, San Francisco-based Square has added a peer-to-peer digital banking and credit app for small businesses. I have a banking license. I started offering cryptocurrency and stock trading.
The company also acquired Afterpay and music streaming services from Tidal. She bet on Bitcoin through a cryptocurrency-focused company called TBD.
As part of the Square rebranding, an independent company dedicated to developing Bitcoin is considering renaming Square Crypto to Spiral.
Oversight will not change and Square, Cash App, TIDAL and TBD products will continue to maintain their respective brands.
This change came after Jack Dorsey stepped down from Twitter
As of 2015, Jack Dorsey stepped down as Twitter's CEO earlier this week after running Twitter and Square.
Dorsey said he believes Twitter is ready to part with a founder and now has more time to focus on Square's growing portfolio. However, Dorsey is expected to focus on cryptocurrencies as well.
The news broke about a month after Facebook changed its name to Meta to express its plan to create a virtual world called Metaverse. Six years ago, Google also renamed itself Alphabet to reflect other areas of business.
With consumers turning to digital payments, Square is one of the biggest winners in 2020.