Square has renamed to Block. The company made the decision to rebrand its service this year in order to better align with a new set of values, like transparency and trust.
Square Inc. announced on Wednesday that it would undergo a thorough rebranding campaign starting immediately. The company, formerly known as Square Inc., will be rebranded to “Block” to reflect better its new vision, which is to build a more inclusive and sustainable business through its website design and other products.
A new name has been given to the company, now called Block. The corporation cited blockchain technology as one of the reasons for the name change in a tweet.
TBD decentralized exchange, Cash App payment app, and Tidal music service are among the initiatives that will be included under the company’s new name.
Spiral, the name of Square’s crypto branch, will also be renamed. In a statement, the corporation said that bitcoin “continues to develop like a spiral from one point, encompassing more and more area until it reaches everything.”
The service provided by the firm to sellers will continue to be known by its former name. The company’s ticker symbol ($SQ) will also stay the same.
As Facebook did recently, Renaming to Meta is very comparable to this strategy. A mention to Facebook was even made by square. “No to get all the meta on you…” prefaced the company’s Twitter announcement of the name change.
Square’s decision was met with mixed feedback from the crypto community and many members worried about the effects it might have on the blockchain industry.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.