When Facebook and payments giant Square launched, they were trailblazers in the industry. Now, after Facebook, Square too has changed its name — to Block — in a bid to embrace the future of technology.
Fast facts
- Square CEO Jack Dorsey and Facebook CEO Mark Zuckerberg have never gotten along. Dorsey has jibed at Zuckerberg on multiple occasions and even mocked his metaverse ambition that saw the name of Facebook changed to Meta. But now, less than two months after Facebook’s name change, Dorsey is following in the footsteps of Zuckerberg. Like Facebook, which retained its old name for its flagship social media platform, Square is going to retain its old brand name for its seller business, which includes payment systems and banking products for merchants. Block will be the new name of the company’s corporate identity.
- The name Block signifies the broader scope of products and services of the company which now includes personal payment service Cash App, music streaming service Tidal, and a crypto-based open developer platform. The legal name change will be done by Dec. 10, a press release said. However, Square’s ticker sign SQ on the New York Stock Exchange will remain unchanged for now.
- Square’s name change is hardly a surprise, since Dorsey has been enthralled with Bitcoin and crypto. He quit his position as CEO of Twitter on Monday, which will now allow him to divert his full attention to Block. In the press release, Dorsey said: “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 had mentioned Square’s Bitcoin and blockchain ambitions in the past. The company had enabled users to buy and sell Bitcoin in 2018. In its third quarter earnings call last month, Dorsey said that the company’s aim was to help “Bitcoin to become the native currency for the Internet.” He added: “We have a number of initiatives toward that goal … We’re going to be building a hardware wallet. We’re exploring Bitcoin mining, a consumer device to mine Bitcoin at home or in a business or seller businesses, in fact. We believe this focus is important. We believe it’s right.”
- While only time will tell which companies will emerge as winners in their crypto ambitions, it is certain that both tech giants are embracing the world of crypto to stay relevant and prepare for the future of tech.
