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Square company payment plans to change its name to block as cryptocurrency and other blockchain technology becomes a larger part of its business. On Wednesday, the company announced it would move forward with rebranding on December 10.
“This name has many related meanings for the company’s building blocks, environmental blocks and their local businesses, the community comes together at full-block music parties, blockchain, code parts, and obstacles to overcome,” said the company in a blog post.
When Jack Dorsey Co-Founded Square in 2009 immediately after his first task as a Twitter CEO, the only product of the company was a card reader, which allowed traders to process credit card payments with their telephone. Since then, the business has been expanded to include stock trading and crypto, loan money and more. This year, the field even buys majority shares on the ups and downs. And the expansion of the rebranding is designed to summarize.
“We built a brand square for our seller’s business, here’s where it is,” Dorsey said. “Block is a new name, but the purpose of our 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.”
This step came in the same week that Dorsey dropped as Twitter CEO. Since 2015, he has led Twitter and Square, the position which ultimately caused the pressure of the Elliott Management activist investment company. In many ways, rebranding also reflects the famous enthusiasm of Dorsey for Cryptocurrency. After all, this is a man who wants the world to know that he has a Bitcoin clock in his kitchen. He recently announced a box will build a Bitcoin hardware wallet, and “consider” mining systems.
