Jack Dorsey is no fan of Mark Zuckerberg. He once told Rolling Stone that at dinner at Chez Zuck, the Facebook CEO served him a goat he had killed, and the meat was cold. More recently, he made fun of Zuckerberg’s metaverse ambitions. Nonetheless, however unintentionally, today the CEO of Square finds himself making a similar move to the social media mogul who changed Facebook’s name to Meta just five weeks ago.
Square is now Block. Got it? Block.
Just as Meta retained the Facebook name for its flagship product, Block will continue using Square for its “seller” business, which includes payment systems and banking products for merchants. The new name, which takes effect today—the 12th anniversary of Square’s launch—reflects the broader scope of the company’s business, which now includes a personal payment Cash App, the music service Tidal, and a nascent crypto-based open developer platform it calls TBD54566975.
In its statement announcing the switch, Block marvels about the connotations contained in its new moniker: “Building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.” Buried in the middle of that list is the one that most likely has driven the change: blockchain. Square and particularly Dorsey has embraced the crypto revolution, almost to the point of having a sticker on its products saying “Bitcoin Inside.” (By the way, the company’s Square Crypto division will now be called Spiral, though the company did not provide a similar word-association list for that.)
Here’s another linguistic feature: Just as Alphabet, which made a similar move when it changed its name from Google and called its various businesses “bets,” Block will refer to its divisions as “building blocks.”
Block says that everything else at the company will be the same, with employees engaged in everything they did previously, except with new email addresses. The new corporate website will have the address of block.xyz; the seemingly preferable block.com appears to belong to a stealth cryptocurrency firm. Currently, the company’s NYSE ticker symbol SQ will remain unchanged.