Jack Dorsey’s firm Square signals a change in direction with the corporate rename to Block Inc.
The Twitter co-founder recently stepped down as the social network’s CEO, as Dorsey looks to focus his time on his payment firm Square, an early adopter to crypto-payments.
With a focus on expanding further into cryptocurrency, Dorsey will hope the company will be able to achieve a strong position in the booming fintech industry. The plan is for Square to keep its name, with the now-public company continuing to trade under the symbol “SQ”.
How Will The Name Change Effect Block and Square
Initially, Square made a name for itself by providing a payment option for small businesses, allowing them to process credit and debit card payments using smartphones and other tablets. The company would quickly expand and start to establish a significant user base.
Recent comments from Dorsey indicated his vision for Square “We built the Square brand for our Seller business, which is where it belongs;” and what Block Inc. will represent “Block is a new name, but our purpose of economic empowerment remains the same.”
The move from Dorsey seems to be trending from the tech leaders, with Facebook changing its corporate name to Meta and Google taking on the name Alphabet some years ago.
The name change won’t mean a shake-up for the structure of the company, but it will see a new direction for its relationship to crypto. Dorsey has expressed an interest in getting involved in mining cryptocurrency, which would be a first for the major companies. But, for a man with a Twitter handle of “#bitcoin”, it’s a likely development.