Payment giant Square changes name to Block, shifts focus to blockchain

Square, known for its iPhone-connectible portable credit card reader, will be refocusing its business and be known as Block starting on December 10.

Square was founded by former Twitter CEO Jack Dorsey in 2009 and launched its first platform in 2010. The company first focused on creating a portable credit card reader that allowed retailers to accept payments from smartphones.

In recent years, the company has branched out. According to CNBC, the name change will reflect the company's growth, and leaves room for future projects. The name also alludes to the company's focus on technologies like blockchain. Block will still trade under the ticker SQ on the New York Stock Exchange.

We're changing our company name so we can give the full @Square brand to our Seller business. So now we need a name to tie @Square, @CashApp, @TIDAL, and @TBD54566975 together into one. That name is "Block." Why? https://t.co/vVSKNnMUU3
— Square (@Square) December 1, 2021

In addition to the Square Reader, Block also offers business financing to merchants using Square. It has also developed payroll processing software for small businesses.

In 2015, the company launched "Square Cash," which was later renamed Cash App. Cash App allows users to send and receive money by utilizing unique usernames called $cashtags.

In March, the company had acquired Jay-Z's music streaming service with a mix of cash and stock amounting to $297 million.

Image Credit: Block

Recently, Block began focusing on blockchain technologies, primarily centered around BitCoin. Its cryptocurrency branch, originally called Square Crypto, has been renamed to Spiral.

At a Bitcoin-centric conference in Miami, Dorsey stated that then-Square had been considering making a standalone hardware wallet for Bitcoin.

15 Comments

darkvader 1146 comments · 15 Years

About 2 years ago

What a great idea! Let's take our successful payment processing company, and rename it for a scam.

And yes, cryptocurrency is a scam. Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it. But don't plan on holding it long term unless you want to lose a bunch of money.

cpsro 3236 comments · 14 Years

Wait, is bitcoin now FDIC insured? :D
The planet's burning up and supposedly our most innovative minds are doing what they can to hasten it-- Musk included.

beeman 1 comment · 3 Years

Remember that feeling about 20 years ago when you knew Apple was going to be huge and nobody else realized it?

Yea, that’s Bitcoin right now.

Our monetary system is falling apart right before our eyes. Are you smart enough to realize it?

baconstang 1154 comments · 10 Years

Should have gone with "Cube".

rezwits 854 comments · 17 Years

darkvader said:

What a great idea! Let's take our successful payment processing company, and rename it for a scam.

And yes, cryptocurrency is a scam. Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it. But don't plan on holding it long term unless you want to lose a bunch of money.

It's kinda a scam.

If party A gave party B, $10,000. And party B says and keeps saying "We've got your $10,000" and they DON'T then it's a scam (kinda), especially if they are on their way out i.e. getting ready to close the doors.

So like if I gave my friend $10,000 and said HOLD this for me. Well he's holding for me. That's really all they are doing. And then saying the price is going up.

The only problem is like if you give a bank $10,000, you are insured it's there but it'll only go up pennies a day.

Bitcoin could dip 15%! in a day. Then you have to recoup. and then it could go up 15%

It's just more "volatile" i.e. bigger swings of the pendulum, where as with a bank there isn't really a negative swing, it's not ever gonna be worth LESS than the $10,000.

The only issue now is inflation and such.

For more wealthier people it's just another STORE of money in case something else fails...