Dorsey-led Square changes brand to Block to nod to blockchain

December 1 (Reuters) – Square Inc (SQ.N), the payment company led by Twitter Inc (TWTR.N) co-founder Jack Dorsey said Wednesday that it changed its name to Block Inc as it looks to expand beyond its payment business and into new technologies like blockchain.

The San Francisco-based company said the name “Square” had become synonymous with its sales force. The new name will separate the company from its business, Square added, a strategy similar to Meta Platforms Inc. (FB.O) rebrand last month.

The company said there would be no organizational changes and its various business entities – Square, peer-to-peer payment service Cash App, music streaming service Tidal and its bitcoin-focused financial services segment TBD54566975 – will continue to maintain their respective brands. Shares rose nearly 1% in extended trading.

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“The name has many associated meanings for the company – building blocks, neighborhood blocks and their local businesses, communities that gather for block parties filled with music, a blockchain, a code section and obstacles to overcome,” Square said in a statement.

Jack Dorsey, co-founder of Twitter and fintech firm Square, sits for a portrait during an interview with Reuters in London, UK, June 11, 2019. REUTERS / Toby Melville

The move comes days after Dorsey resigned from her role as CEO of Twitter. The digital payment giant Square Crypto, a team “dedicated to promoting Bitcoin”, will also change its name to Spiral.

Under Dorsey, who has often expressed his interest in the cryptocurrency, Square bought bitcoin for $ 50 million, even before the wave of institutional interest that drove the price of the digital currency to record highs this year. In February, it further raised its efforts and invested an additional $ 170 million in it.

Square has also weighed the creation of a hardware wallet for bitcoin to make its custody more mainstream.

The new name would take effect on Dec. 10 or around Dec. 10, Square said, but the “SQ” symbol on the New York Stock Exchange would not change at this time.

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Reporting by Niket Nishant in Bengaluru; Editing Krishna Chandra Eluri

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