Jack Dorsey, founder and CEO of Square, has changed the name of his company from Square to Block as it changed the focus of the business to cryptocurrencies.
Jack Dorsey, founder and CEO of Square, has changed the name of his company from Square to Block. Though the name has been changed, it’ll continue trading under the SQ ticker on the New York Stock Exchange (NYSE). In fact, the original Square digital payment platform will also retain its name.
Reports say that the change of name comes with the change in the focus of the business to cryptocurrencies. Wall Street Journal has said in its report that US$220 million has been invested in its treasury in addition to many new cryptocurrency arms.
The holdings of Block also include:
Square becomes the latest company in Silicon Valley to change its name to distance itself from its most famous product. In October 2021, Facebook changed its company name to Meta to stress the shift in its business into augmented and virtual reality. This trend of the name change was actually started by Google in 2015 when it became Alphabet, reflecting an expansion of business holdings.
Forbes estimates that the total worth of Dorsey is around US$10.8 billion. Being one of the most vocal advocates of cryptocurrencies in the world currently, he acknowledged in June 2021 that Bitcoin changes everything for him. He continued to say that “I don’t think there’s anything more important in my lifetime to work on and I don’t think there’s anything more enabling for people around the world.”