Payments company Square changed the name of its holding company to Block, becoming the latest technology company to differentiate the company from its brand.
Square was created in 2009 by Jack Dorsey, CEO and co-founder of Twitter. The company enables its customers to set up online stores, make in-person card payments, access revenue faster and manage inventory.
In recent years, the company has added the Cash App payment app, Tidal streaming service, and TBD54566975, which builds an open development platform for easy access to Bitcoin and other blockchain technologies.
The Square brand will be retained for the payments industry, with the parent company becoming Block Inc.
“We built the Square brand for our selling business, that’s where it belongs,” said Mr. Dorsey. “Block is a new name, but our goal of economic empowerment remains the same. No matter how we grow or change, we will continue to create tools to help increase access to the economy. ”
Keep the brands
The company said there would be no organizational changes, with Square, Cash App, Tidal and TBD54566975 retaining their brands. Square Crypto, which is a separate initiative dedicated to the advancement of bitcoin, will change its name to Spiral.
Square is the latest tech company to rebrand, with Facebook and Google also embracing new parent brands in recent years with Meta and Alphabet.