Block: Last Wednesday (1), fintech Square followed in the footsteps of Facebook — or rather, Meta — and announced the change of its name to “Block”, aiming to improve its representation in relation to its services offered in the market. Unusual, the news came just two days after Jack Dorsey, current commander of the company, revealed his resignation from the position of CEO of Twitter.
More specifically, the company explained that the new name “recognizes” the growth and trajectory of the business since 2009, referring to the incorporation of the Cash App service, the Tidal streaming platform and the open source development environment, focused on Bitcoin, TBD54566975.
In addition, fintech also suggested that the decision opens up “more room” for future expansion: “[a] Block is a comprehensive ecosystem of many companies united by their purpose of economic empowerment and serves many people — individuals, artists, fans, developers and sellers,” he justifies in the statement.
As for its meaning, the new name is equally full of interpretation, with “Block” referring to “building blocks”, “blocks and their local businesses” and “blockchain” technology. Check out the short of the ad, posted on the company’s Twitter profile:
Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y
— Block (@blocks) December 1, 2021
While talking about its new name, Block emphasizes that the decision will not affect the organization of its staff, nor will it require the change of its reference code on the US Stock Exchange, which will remain with the ticker “SQ”.
On the other hand, reinforcing rumors about increased efforts in the cryptocurrency universe, the dedicated subsidiary “Square Crypto” also announced the change of its name to “Spiral”, without much justification, indicating that this decision was taken due to the change of the name of its parent company.