Dorsey’s move highlights the company’s new focus on technologies such as blockchain and its growth beyond its original core business of offering point of sale payment solutions to businesses.
“We built the Square brand for our Seller business, which is where it belongs,” said Dorsey, co-founder and CEO of Block.
“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.”
Dorsey originally co-founded the San Francisco-based company in 2009 to enable in-person payments through its namesake card reader. The solution allowed small and micro businesses to accept credit card payments via their smartphones. Since then, Square has expanded its offerings to include peer-to-peer digital payments, small business lending as well as crypto and stock trading.
This summer, the company acquired buy-now-pay-later (BNPL) solution provider Afterpay for $29 billion and Jay-Z’s music streaming service TIDAL for $302 million.
Under the new brand name, the company is looking to grow its crypto offerings through a new initiative called TBD. It is also rebranding Square Crypto, which is a separate company, to Spiral.
According to Block, there will be no organizational changes and Square, Cash App, TIDAL and TBD54566975 will maintain their respective brand names. In addition, a foundational workforce, including teams such as counsel, people and finance, will continue to help guide the ecosystem at the corporate level.
The name change will become effective December 10, 2021. Block will still trade under the ticker SQ on the New York Stock Exchange.