TL;DR Breakdown
- Square is transforming to Block to elaborate its payment systems.
- Despite the change, the company maintains its purpose of economic transformation.
Square(SQ) is rebranding to Block, Inc. The company wants to expand beyond its payment business. Several customers have embraced digital payments. The company based in San Francisco, California, was one of the leading firms last year. They intend to refocus on modern technologies such as blockchain.
The digital payments company announced on Wednesday. The company has been operating under the name Square, Inc.
Block, Inc will represent SQ’s corporate parent. The development comes as Square looks out to advance over its credit card-reader engagements. The company wants to pursue better innovations focusing on modern technology.
Square to file with the SEC
According to the announcement, the name will be effective from 10th December. Square is required to fulfill legal requirements first. Then they must file with the Securities and Exchange Commission.
Despite the changes, Block will continue trading under SQ. The changes will be on its legal name and will distinguish the corporate entity from its businesses. Square will still be a section of the company assisting the community in processing payments.
Some of the brands under Square will still use their names and organization structures. Brands like Tidal service and Cash App will use their respective names. They will also maintain their organizational structure.
However, Square Crypto is rebranding to Spiral to concentrate on BTC. Additionally, it will be tweeting under SpiralBTC. The company hopes it will continue to grow spirally. It will advance from one point, rounding up to touch everything.
Just recently, Jack Dorsey resigned from his role as the chief at Twitter. Several people speculated that he made the step to work on his company. Still, Dorsey had been under pressure to step down since several directors were concerned that he has alot going on. They thought he was overcommitted as the chief executive of two firms.
Dorsey has a great fascination with digital assets and the future of blockchain technology. His Twitter bio only indicates “#bitcoin.” Additionally, Square has been running various projects involving bitcoin, including a hardware wallet for the cryptocurrency and a bitcoin mining system.
About two years ago, Dorsey said Twitter would be a decentralized network. With this, tweeps could make their algorithms. Moreover, they can moderate their communities.
Embracing digital assets
Presently the world is swinging to digital assets. Several firms have launched ICOs. At the same time, others have established their cryptos.
Blockchain technology has become very popular as many view it as the future. Facebook recently rebranded to Meta to build a virtual world known as the metaverse. A couple of years ago, Google also rebranded to Alphabet. The American multinational technology company rebranded to reflect on incorporating other engagements to make their company better.
Now Square is following the other’s footsteps to represent their firm better. However, critics believe that most of these companies want to avoid regulatory scrutiny.
