Jack Dorsey’s Square to Change its Name to Block
- Shares of the company are down 6.6%
- Square Crypto will change its name to Spiral, according to the announcement
Square Inc. (SQ), the financial-services company co-founded by Jack Dorsey, announced that it will be changing its corporate name to Block Inc.
“We built the Square brand for our Seller business, which is where it belongs,” Dorsey said in a statement. “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.”
The payment giant detailed its rebranding, which will go into effect on Dec. 10, in a series of tweets on Wednesday.
“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,” San Francisco-based Square said.
As a part of its rebranding, Square Crypto will change its name to Spiral. The company holds roughly $220 million of bitcoin in its treasury, according to The Wall Street Journal.
The news comes just two days after Dorsey resigned as CEO of Twitter.
Shares of the company, whose ticker symbol will not change, are down 6.66% on the news.
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Morgan ChittumMorgan Chittum is a New York-based reporter covering markets, NFTs, the metaverse and digital assets. Before Blockworks she was a street reporter at New York Daily News, where she wrote about homicide, extremist groups, state politics and other critical topics in New York. She was a Media and Journalism Fellow at the Poynter Institute, where she dabbled in data and investigative journalism. She is published in American Banker, Yahoo News, Chicago Tribune and more.