Merchant services aggregator and mobile payment company Square is rebranding to Block on December 10 and can be found at block.xyz. The new name will refer to the company as a corporate entity, which is the parent company to multiple subsidiary businesses.
Since it was founded in 2009, Block has built a sizable seller business that offers commerce solutions, business software, and banking services for merchants. This branch of the company will retain the brand name Square. The California-based company also offers Cash App, a challenger bank; TIDAL, a subscription-based music streaming service; and TBD54566975, a decentralized Bitcoin exchange. In addition to creating clarity around these brands, the company also notes that the rebrand “creates room for further growth.”
“We built the Square brand for our Seller business, which is where it belongs,” said Block Co-founder and CEO Jack Dorsey. “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.”
In addition to renaming the corporate brand, Block is also changing the name of Square Crypto, a company initiative to advance Bitcoin, to Spiral. Square, Cash App, TIDAL, and TBD54566975 will each maintain their brand names.
Being a three dimensional representation of a Square, the name Block gives more depth to the company’s image. The company said that the new name represents “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.”
Block went public as Square in 2015 on the New York Stock Exchange. The company’s ticker symbol, “SQ,” will remain the same.
This news comes after Block CEO and Co-founder Jack Dorsey announced his departure from Twitter earlier this week. Dorsey had been CEO of Twitter since he co-founded it in 2006. Interestingly, Dorsey said he left Twitter because he considers founder-led organizations to be “severely limiting and a single point of failure.”