Dorsey-led Square rebrands to Block in nod to blockchain
Information about Dorsey-led Square rebrands to Block in nod to blockchain
Kevin David Scam or Legit
(Reuters) -Square Inc, the payments company led by Twitter Inc co-founder Jack Dorsey, said on Wednesday it was changing its name to Block Inc, as it looks to expand beyond its payment business and into new technologies like blockchain.
The San Francisco-based company said the name “Square” had become synonymous with it’s seller business. The new name would distinguish the corporate entity from its businesses, Square added, a strategy similar to Meta Platforms Inc’s rebrand last month.
The company said there would be no organizational changes and its different business units – Square, peer-to-peer payment service Cash App, music streaming service Tidal and its bitcoin-focused financial services segment TBD54566975 – will continue to maintain their respective brands. Shares were up nearly 1% in extended trading.
“The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at …