The San Francisco-based firm said the name
"Square" had become synonymous with it's seller business. The new
name would distinguish the corporate entity from its businesses, Square added,
a strategy similar to Facebook’s rebrand last month.
The company said there would be no organisational changes
and its different business units—Square, peer-to-peer payment service Cash App,
music-streaming service Tidal and its bitcoin-focused financial services
segment TBD54566975—will continue to maintain their respective brands. Shares
were up nearly 1% in extended trading.
“The name has many associated meanings for the
company—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,” Square said in a statement.
The move comes days after Dorsey stepped down from his role
as chief executive officer at Twitter. The digital payments giant’s Square
Crypto, a team “dedicated to advancing Bitcoin”, will also change its name to
Spiral.
Under Dorsey, who has frequently expressed his interest in
cryptocurrency, Square bought $50 million worth of bitcoin even before the wave
of institutional interest that propelled the digital currency’s price to record
highs this year. In February, it further raised its wager and invested another
$170 million in it.
Square has also been weighing the creation of a hardware
wallet for bitcoin to make its custody more mainstream.
The new name would become effective on or about Dec. 10, Square said, but the "SQ" ticker symbol on the New York Stock Exchange would not change at this time.
.jpeg)
.jpeg)
0 comments:
Post a Comment