January 24, 2022

Taquer-Tech

Melts In Your Technology

Square Announces it Greets New Year with New Name: “Block”

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Big news hit the payments industry at the end of 2021 with the announcement that Fintech and digital payments giant Square Inc., had changed its name to Block. According to the company, this massive move reflects the changes taking place within the business.

 

”The Square name has become synonymous with the company’s Seller business … and this move allows the Seller business to own the Square brand it was built for,” the company explained.

 

The company went on to say that the new name “acknowledges the company’s growth”. Since its founding in 2019, the firm has added many new services to its ever-growing list, from mobile payment service Cash App and streaming music service Tidal to bitcoin-focused open developer platform TBD54566975.

 

Square has also been in the process of building a hardware wallet. In addition, it has also shared that the company is considering creating a bitcoin mining service. All things considered, it makes sense why the company would consider a name change.

 

“The name change creates room for further growth,” the company concluded. “Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people – individuals, artists, fans, developers and sellers.”

 

What Does the Name Change Represent?

 

When asked what this name change means, what determined the choice, the company said “Block” has many associated meanings. For the company, that includes building blocks, their local businesses and blockchain. It doesn’t mean there will be organizational changes, however. It simply means the company is focused on building a wider world – marking the firm’s direction for its future developments.

 

Over the years, Square has evolved considerably. Fulfilling visions that reach far beyond its initial conception, thus the name change today. “Block” simply reflects the wider world the company hopes to touch in the future and the larger difference it hopes to make.

 

In a recent press release, Jack Dorsey, CEO of Square, said, “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.”

 

Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of Square integration. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.