Posted on Dec. 2021 at 8:19Updated Dec 2, 2019 2021 at 8:20
In search of new growth projects, Square is changing its name. The American company, specializing in digital payments, co-founded and managed by Jack Dorsey, is now called “Block”. Founded in 2009, fintech has long remained confined to its core business – a payment terminal for small traders that allows any smartphone or tablet to cash in – before expanding its activities, until becoming synonymous with the system of payment solutions to sellers, explains the group in a press release Wednesday.
She now manages other activities such as the Cash App money transfer application or the Tidal music streaming platform. The company is also working on a platform allowing developers to create decentralized finance (DeFi) projects around bitcoin, currently called “TBD5456697”.
The organization of the parent company of all these activities is not going to budge. But, underlines the group in a press release, “the name change leaves room for other growth projects”.
The name change will be official on December 10, once all administrative procedures have been completed. But the symbol under which the title is traded on the stock exchange, SQ, remains the same for the time being. The only other notable development: an initiative dedicated to the development of bitcoin and currently called Square Crypto will become “Spiral”.
The group chose “Block” because the term “is associated with many expressions” in English, including the construction of foundations (building blocks), blocks of buildings in a neighborhood (block parties), or the technology on which cryptocurrencies are based (blockchain).
This name change comes two days after the announcement of Jack Dorsey’s departure from Twitter, which will thus have more time to devote to Block. The entrepreneur regularly expresses his great interest in blockchain-based virtual currencies. The new baptism also occurs a few weeks after that of Meta, the name chosen by Facebook for the giant of social networks.