Square Inc. to Become Block as FinTech Continues to Diversify

Since its debut in 2009, the FinTech Square has certainly evolved. Making a name for itself with its small business POS and payment platforms, the company has since entered into the worlds of peer-to-peer payments, cryptocurrencies, and even music streaming. Now, in a move meant to acknowledge this evolution, Square is changing its corporate name.

This week, it was revealed that Square, Inc. will soon become Block, Inc. The company expects to legally be known as Block, Inc. “on or about” December 10th. Meanwhile, despite the name change, the FinTech’s stock ticker symbol will remain $SQ.

Although Square Inc. will be going three-dimensional with its moniker, the Square seller platform will retain its name. Similarly, the popular Cash App will remain a part of Block alongside the recently-acquired Tidal streaming platform. However, the formerly-named Square Crypto (which is dedicated to advancing Bitcoin) will now be known as Spiral.

In a statement about the change to Block, Dorsey stated, “We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same.” He added, “No matter how we grow or change, we will continue to build tools to help increase access to the economy.” Elsewhere, offering more insight into the name choice, the company’s press release explained, “The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”

Block’s announcement, while ultimately unrelated, will inevitably be tied to recent developments at two other companies. The first is Facebook, which made headlines when it renamed itself Meta. Similar to how the Square platform is keeping its name while the parent company’s changes, the Facebook social network itself is retaining its now-iconic name. The other social media site linked to this news is Twitter, where Jack Dorsey — the CEO of what will now be Block — stepped down from his other CEO role earlier this week.

Square’s move to Block makes a lot of sense seeing as the company has continued to diversify its business in recent years. Moreover, with cryptocurrency (specifically Bitcoin) making up a larger part of its focus, the Block name — which calls to mind the blockchain technology that crypto is built on — is fitting. Of course, it also helps that Block is a less mockable moniker than Meta. In any case, regardless of what it’s called, there’s no doubt that Block will continue to be a major force in FinTech going forward.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Progressive Announces "Driving Small Business Forward" Grant Program

Small business owners hoping to add some wheels to their operation may have a chance to do so thanks to a newly-announced grant opportunity. The well-known insurance provider Progressive has announced the launch of its Driving Small Business Forward grant program. Partnering with the accelerator Hello Alice, this program is specifically aimed at Hispanic entrepreneurs and will include 10 $25,000 grant winners. These funds can then be used toward the...

Banking-as-a-Service Platform Unit Raises $100 Million

Put another tally mark on FinTech "megadeal" board for 2022. This week, Unit announced that it had closed a $100 million round. The Series C was led by Insight Partners. Existing investors such as Accel, Better Tomorrow Ventures, and Flourish Ventures also participated along with newcomers Moving Capital and Stepstone. Notably, the round valued the company at $1.2 billion, earning it "unicorn" status. To date, Unit has now raised a...

Robinhood Announces Non-Custodial Web3 Crypto Wallet

After finally rolling out a crypto wallets feature in their trading app and recently listing four additional assets, Robinhood plans to double down on cryptocurrency once again. In a blog post, the company announced that it was developing a non-custodial, web3 wallet. Once launched, this wallet will give users greater total control of their crypto as well as provide access to other decentralized web features. Most notably, while this offering...