Square restructures to Block

When Jack Dorsey resigned as the CEO of Twitter, many tech analysts opined that he could move full time to run Square, a payments company he co-founded in 2009 and been the CEO of since then.

Today in a press release, Jack Dorsey announced that Square and other companies it owns would be structured under a new holding company named Block. A block is foundational to a blockchain, but the company didn't explicitly state that.

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

Square was the parent company to three other companies - Cashapp, Tidal and Spiral. Tidal is a music streaming platform similar to Spotify. Cash app is a payments cum investing app that has allowed customers to buy Bitcoin right since 2019. And Spiral (which was previously called Square crypto) aims to build and fund free, open-source projects to make Bitcoin the primary currency.

“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy,” said Dorsey in a press release today.