Square Announced its Name change to Block a few weeks after Facebook changed to Meta

Bon Coiney

December 2, 2021

Square, Inc. has confirmed a series of changes that would see it renamed as Block. The name of the company as a legal entity will be Block. The company has become reputed for providing top services that cut across commerce, financial solutions, and software services to its clients. The name change would represent Square’s ambition to spread its influence in the system.

The name change to Block reflects the company’s expansion. Since its inception in 2009, the company has grown to include Cash App, TIDAL, and TBD54566975 as subsidiaries, and the name change allows for even more expansion. Individuals, artists, fans, developers, and sellers are all served by Block, which is an encompassing ecosystem comprising various enterprises unified by the goal of economic empowerment.

Reacting to the development, Jack Dorsey, co-founder, 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.”

Changes to be Made

The sudden change of name to Block separates the company from its companies or structural components.  Despite the name change, there will be no organizational changes, and the brands Square, Cash App, TIDAL, and TBD54566975 will remain the same. 

At the corporate level, a core team, which comprises departments like Counsel, People, and Finance, will continue to govern the ecosystem. Square Crypto, a distinct effort of the corporation focused on promoting Bitcoin, will now be known as Spiral as a result of the name change.

Symbolism 

The name change is symbolic for many reasons. It represents a relatable title to the community as it gives a picture of a united community. Block is also an allusion to the company’s expanding interest in blockchain and cryptocurrency. 

“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” the company wrote in a Tweet.

Square Follows the Trend

The company’s New York Stock Exchange ticker symbol will remain “SQ” for the time being, it added; however, its legal name will change from “Square, Inc.” to “Block, Inc.” around December 10. Cash App and music streaming service Tidal, which are now under the Square umbrella, will keep their own names and organizational structures. 

Square’s renaming mirrors that of other significant internet companies, such as Google, which merged with parent company Alphabet in 2015. In late October of this year, social media behemoth Facebook changed its name to Meta along with a new logo.

The move came as the company faced growing criticism in the press and in Congress. However, like Square, Meta CEO Mark Zuckerberg believed that the Facebook brand didn’t adequately represent the company’s expansion to include products such as Instagram, WhatsApp, Horizon, and Quest.

Other Changes

In other changes made by Square, Afterpay and Square decided to merge earlier this year. Tidal’s Cash App recently expanded to allow minors aged 13 to 17 to establish accounts with parental supervision, and the firm is gearing up for a shift toward direct artist royalty payments in the coming year.