Square is changing its parent company name to Block, with the legal details expected to be completed by Dec. 10, the company said in a press release Wednesday. It will keep the Square brand for the digital payments business that became synonymous with the white square reader used to connect to its payments processing.
The name change is designed to accommodate the company’s growth, from its start in 2009 as a vendor to small and mid-sized businesses, to a company today that also includes the financial services business Cash App, the open finance software development platform TBD54566975 and a controlling stake in the music streaming venture TIDAL.
The company said there won’t be any other organizational changes, although it did note that its Square Crypto initiative, focused on the cryptocurrency Bitcoin, will also change its name to Spiral.
Source: Payments Dive
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