Square, led by Jack Dorsey, Rebrands to Block Following Facebook‘s Meta Change

<p>Square's rebranding comes just days after Jack Dorsey resigned as Twitter's CEO.</p> <p>Square, the payments company founded by Twitter Inc co-founder Jack Dorsey, announced its name change to Block Inc. on Wednesday as it looks to expand beyond payments and into new technologies such as blockchain.</p> <p>Square, based in San Francisco, stated that the name had become synonymous with its seller business. Square added that the new name would differentiate the corporate entity from its businesses, a strategy similar to Meta Platforms' rebranding last month.</p> <p>The company stated that there would be no organisational changes and that its various business units - Square, a peer-to-peer payment service - would continue to operate independently. Cash App, a streaming music service Tidal and its financial services segment focused on bitcoin will retain their respective brands. Extended trading saw shares rise nearly 1%.</p> <p>"The name has a number of connotations for the company — it refers to building blocks, neighbourhood blocks, and their local businesses, communities coming together for music-filled block parties, a blockchain, a section of code, and obstacles to overcome," Square said in a statement.</p> <p>The move comes just days after Dorsey resigned as Twitter's CEO. Square Crypto, a team "dedicated to advancing Bitcoin" within the digital payments giant, will also change its name to Spiral. As of 10 a.m. IST on December 2, the bitcoin price in India was Rs. 45.21 lakh.</p> <p>Under Dorsey's leadership, Square purchased $50 million (approximately Rs. 375 crore) worth of Bitcoin prior to the wave of institutional interest that propelled the digital currency's price to record highs this year. In February, it increased its wager by another $170 million (approximately Rs. 1,275 crore).</p> <p>Square has also considered developing a hardware wallet for Bitcoin in order to make its custody more accessible.</p> <p>Square said the new name would take effect on or about December 10, but the "SQ" ticker