Square Inc. (NYSE: SQ) rebrands to Block to resonate with its target market and create a memorable identity.
Square, Inc. yesterday announced that Block will be the name for the company as a corporate entity. This name change comes a few days after Jack Dorsey stepped down from the post of Twitter CEO.
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The company mentioned in a press statement that the new name has many associated meanings for them — “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.”
Commenting on the rebranding of Square Inc. to Block, Jack Dorsey, cofounder and CEO of Block, said:
“We built the Square brand for our Seller business, which is where it belongs. 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.”
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New Name Resonates With Its Target Market
The Square name has become synonymous with the company’s Seller business, which provides an integrated ecosystem of commerce solutions, business software, and banking services for sellers, and this move allows the Seller business to own the Square brand it was built for.
The change to Block acknowledges the company’s growth. Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.
No Organizational Changes
The company said that the name change to Block distinguishes the corporate entity from its businesses, or building blocks. There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands.
A foundational workforce, which includes teams such as Counsel, People, and Finance, will continue to help guide the ecosystem at the corporate level. As a result of the name change, Square Crypto, a separate initiative of the company dedicated to advancing Bitcoin, will change its name to Spiral.
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The new name would become effective on or about December 10, 2021, Square said, but the company’s NYSE ticker symbol “SQ” will not change at this time.