Square Rebrands as Block

Square Rebrands as Block: A New Chapter for the Fintech Company

Effective December 10th, the prominent financial technology company Square will be operating under a new corporate name: Block. This rebranding initiative, developed over the course of more than a year, aims to consolidate the company’s diverse portfolio of products under a unified brand identity.

A Unified Brand for a Growing Ecosystem

The Block name will encompass Square’s various ventures, including the music streaming platform Tidal, the mobile payment service Cash App, TBD, and the original Square business itself. This strategic move reflects the company’s expansion beyond its initial focus on payment processing.

This announcement follows closely on the heels of Jack Dorsey’s recent departure from his position as CEO of Twitter, a company he also co-founded.

Dorsey on the Rebranding

According to a press release, Dorsey stated, “We built the Square brand for our Seller business, and that is where its focus will remain.” He further emphasized that while the name is changing, the company’s core mission of fostering economic empowerment will endure. “No matter how we evolve, we will continue developing tools to broaden access to the financial system.”

Embracing Blockchain Technology

The selection of “Block” as the new name also signifies the company’s increasing involvement with blockchain technology and cryptocurrency. Consequently, the Square Crypto product will be rebranded as Spiral.

The company explained the symbolism behind the name in a social media post, noting that “Block” represents neighborhood blocks, blockchains, musical gatherings, challenges, code segments, foundational elements, and even tungsten cubes.

Following a Trend: Corporate Rebranding in Tech

Square is not alone in its decision to rebrand this year. Just over a month ago, Facebook underwent a similar transformation, adopting Meta as its corporate parent name. This change was prompted by increased public and governmental scrutiny.

Similar to Square, Meta CEO Mark Zuckerberg believed the Facebook brand no longer adequately represented the company’s broader scope, which now includes products like Instagram, WhatsApp, Horizon, and Quest.

Square playfully acknowledged this trend in its announcement, stating, “Not to get all meta on you … but we’re going to!”

Recent Developments and Future Plans

Earlier in the year, Square finalized a merger agreement with Afterpay. Furthermore, Cash App recently broadened its services to include accounts for teenagers aged 13 to 17, subject to parental supervision.

Tidal is also preparing to implement a new system for direct artist royalty payments in the coming year.

What Remains the Same

Block’s stock ticker symbol on the New York Stock Exchange (NYSE) will remain as SQ. The company has also confirmed that there will be no immediate organizational restructuring as a result of the rebranding.