Business

Square will change its name to Block as the business expands

Square Inc. is joining the team to change the company’s name, announcing Wednesday that it plans to call it Block as it seeks a moniker that better reflects its diverse set of businesses.

While the fintech company started offering payment processing services to small businesses in the Square
SQ,
-6.64%

umbrellas, it has branched out into new fields. The company operates the mobile wallet Cash App and Tidal music streaming platform. Square also ran “TBD54566975,” a crypto-related endeavor. Square further announced Wednesday that it will be doing its bitcoin push in an initiative called Spiral.

“NS [Block] The name has many associated meanings for the company – building blocks, neighborhood blocks and their local businesses, communities that come together at music parties, a blockchain, a piece of code and obstacles to overcome,” said Square in a press release.

A change to the company name “enables Seller’s business to own the Square brand that it built for,” the company continued.

The company’s shares will continue to trade under the ticker symbol “SQ.” Square hopes that the name change to Block Inc. will be official around December 10.

Square becomes the latest tech company to choose to change its name amid rampant ambitions beyond its core brand. Facebook recently became Meta Platforms Inc.
FB,
-4.27%
,
while Google converted to Alphabet Inc.
GOOG,
-0.59%

GOOGL,
-0.60%

back in 2015. Looking beyond the technology sector, it should be noted that the name changes evoke the concept of blockchain It’s all all the rage in 2017.

Shares of Square were up 0.8% in after-hours trading Wednesday. They fell 6.6% in Wednesday’s normal trading session.

https://www.marketwatch.com/story/square-will-change-its-name-to-block-as-business-expands-11638396110?rss=1&siteid=rss Square will change its name to Block as the business expands

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