The company formerly known as Square Inc., which includes a host of businesses like Cash App, Tidal, and Square, announced a new blockchain-associated name Wednesday. In a press release explaining the change, what is now Block made clear that yes, its new name is — at least in part — an intentional nod to the technology behind Bitcoin.
“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,” reads the statement in part.
This emphasis on cryptocurrency shouldn’t come as a surprise. Jack Dorsey, the former CEO of Twitter and current CEO of payment company Square Inc., is notoriously obsessed with crypto in general, and Bitcoin specifically.
Beyond that, however, the name change can be read as part of a larger tech-industry trend. Like Google and Facebook — two companies which restructured their sprawling corporate properties under the umbrella names of Alphabet and Meta, respectively — before it, Square Inc. becoming Block allows the company to disassociate its eponymous point-of-sale product from its other ventures.
Which, if the goal is to go all in on cryptocurrency, could help with any resulting public relations fallout. Because in essence, that’s what this name change boils down to: public relations.
“The name change to Block distinguishes the corporate entity from its businesses, or building blocks,” explains the press release. “There will be no organizational changes, and Square, Cash App, TIDAL, and TBD54566975 will continue to maintain their respective brands.”
Blog Source- https://in.mashable.com/tech/26069/square-announces-performative-blockchain-related-name-change