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Square, co-founded by Twitter's Jack Dorsey is changing its name to Block

Earlier this year, Square purchased a majority stake in music streaming service Tidal

December 02, 2021 / 02:44 PM IST
(Image Courtesy: Block)

(Image Courtesy: Block)


Co-founded by former Twitter CEO Jack Dorsey and the parent company to the music streaming service Tidal, Square is changing it name to Block.

“The change to Block acknowledges the company’s growth,” said the financial services company in a press release.

“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “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.”

Also Read: Who is Parag Agrawal, the new CEO of Twitter?

Square began operations in 2009 and has since then, added Cash App, Tidal and TBD54566975 to its family of services. Block said that the name change, "creates room for further growth," and the name Block will represent an, "overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.”

Block also announced that their Square Crypto initiative will be renamed to Spiral and the new name will go into effect around December 10th. There will be no organisational changes as a result of the name change.

Also Read: Square CEO Jack Dorsey says looking to build a bitcoin mining system

Square was founded in 2009 by then Twitter CEO Jack Dorsey and billionaire Jim McKelvey. It launched its offering in 2010 and has been a publicly traded company on the New York Stock Exchange since 2015.

Moneycontrol News
first published: Dec 2, 2021 02:27 pm

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