Payment giant Square changes name to Block, shifts focus to blockchain

Posted:
in General Discussion
Square, known for its iPhone-connectible portable credit card reader, will be refocusing its business and be known as Block starting on December 10.

Image Credit: Block
Image Credit: Block


Square was founded by former Twitter CEO Jack Dorsey in 2009 and launched its first platform in 2010. The company first focused on creating a portable credit card reader that allowed retailers to accept payments from smartphones.

In recent years, the company has branched out. According to CNBC, the name change will reflect the company's growth, and leaves room for future projects. The name also alludes to the company's focus on technologies like blockchain. Block will still trade under the ticker SQ on the New York Stock Exchange.

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)


In addition to the Square Reader, Block also offers business financing to merchants using Square. It has also developed payroll processing software for small businesses.

In 2015, the company launched "Square Cash," which was later renamed Cash App. Cash App allows users to send and receive money by utilizing unique usernames called $cashtags.

In March, the company had acquired Jay-Z's music streaming service with a mix of cash and stock amounting to $297 million.

Image Credit: Block
Image Credit: Block


Recently, Block began focusing on blockchain technologies, primarily centered around BitCoin. Its cryptocurrency branch, originally called Square Crypto, has been renamed to Spiral.

At a Bitcoin-centric conference in Miami, Dorsey stated that then-Square had been considering making a standalone hardware wallet for Bitcoin.

Read on AppleInsider

Comments

  • Reply 1 of 15
    What a great idea!  Let's take our successful payment processing company, and rename it for a scam.

    And yes, cryptocurrency is a scam.  Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it.  But don't plan on holding it long term unless you want to lose a bunch of money.
    williamlondonrob53baconstangDAalsethronnappleinsideruser
  • Reply 2 of 15
    cpsrocpsro Posts: 2,950member
    Wait, is bitcoin now FDIC insured? :D
    The planet's burning up and supposedly our most innovative minds are doing what they can to hasten it-- Musk included.
    baconstangronnwatto_cobra
  • Reply 3 of 15
    Remember that feeling about 20 years ago when you knew Apple was going to be huge and nobody else realized it?

    Yea, that’s Bitcoin right now. 

    Our monetary system is falling apart right before our eyes. Are you smart enough to realize it? 
    edited December 2021
  • Reply 4 of 15
    Should have gone with "Cube".
    retrogustowatto_cobra
  • Reply 5 of 15
    rezwitsrezwits Posts: 776member
    darkvader said:
    What a great idea!  Let's take our successful payment processing company, and rename it for a scam.

    And yes, cryptocurrency is a scam.  Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it.  But don't plan on holding it long term unless you want to lose a bunch of money.
    It's kinda a scam.

    If party A gave party B, $10,000.  And party B says and keeps saying "We've got your $10,000" and they DON'T then it's a scam (kinda), especially if they are on their way out i.e. getting ready to close the doors.

    So like if I gave my friend $10,000 and said HOLD this for me.  Well he's holding for me. That's really all they are doing.  And then saying the price is going up.

    The only problem is like if you give a bank $10,000, you are insured it's there but it'll only go up pennies a day.

    Bitcoin could dip 15%! in a day.  Then you have to recoup. and then it could go up 15%

    It's just more "volatile" i.e. bigger swings of the pendulum, where as with a bank there isn't really a negative swing, it's not ever gonna be worth LESS than the $10,000.

    The only issue now is inflation and such.

    For more wealthier people it's just another STORE of money in case something else fails...
    watto_cobra
  • Reply 6 of 15
    mrshowmrshow Posts: 157member
    Pathetic they're getting in on the scamming business. RIP Square. 
    baconstangronnwatto_cobra
  • Reply 7 of 15
    fastasleepfastasleep Posts: 5,901member
    rezwits said:

    It's just more "volatile" i.e. bigger swings of the pendulum, where as with a bank there isn't really a negative swing, it's not ever gonna be worth LESS than the $10,000.

    The only issue now is inflation and such.

    What a bizarre thing to say when the value of the dollar changes over time due to “inflation and such”. $10,000 now is worth less than $10,000 ten years ago. 

    Also:
    retrogustowatto_cobra
  • Reply 8 of 15
    DAalsethDAalseth Posts: 1,849member
    darkvader said:
    What a great idea!  Let's take our successful payment processing company, and rename it for a scam.

    And yes, cryptocurrency is a scam.  Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it.  But don't plan on holding it long term unless you want to lose a bunch of money.
    Absolutely right. I saw the first stirrings of Bitcoin some years ago when the people at TheMacObserver were all hot about it. I was curious and researched what it was and how it and blockchain works. The only word that I could think of for cryptocurrencies is Pyramid Scheme. They made some imaginary bags of nothing and came up with a slick sales pitch about how they were a currency, (it's not, it's more of a commodity), and how it would be worth a lot so buy in now. They of course had a bunch of Bitcoins of their own. So a bunch of rubes paid good REAL money for these imaginary bags of nothing and the founders laughed all the way to the bank. Now those that got left holding these imaginary bags of nothing and now are frantically trying to pawn them off on someone with even less sense before the world comes to their senses. Surprisingly it doesn't look like it will. Not only are their a bunch of cryptocurrencies popping up, many of which are just overt scams that collapse overnight and take peoples hard earned real money, but things like NFTs are appearing too. 

    Stupidity is this decades stock in trade. But not with my money.
    ronnbaconstangwilliamlondonpscooter63retrogustoITGUYINSDmuthuk_vanalingamwatto_cobra
  • Reply 9 of 15
    larryjwlarryjw Posts: 873member
    Since the government always comes to the rescue of the moneyed class, my bets are, when BItCoin collapses, our taxes will be used to prop it up.
    williamlondonwatto_cobra
  • Reply 10 of 15
    cpsrocpsro Posts: 2,950member
    Dorsey is the Blockhead.
    watto_cobracrowley
  • Reply 11 of 15
    DAalsethDAalseth Posts: 1,849member
    larryjw said:
    Since the government always comes to the rescue of the moneyed class, my bets are, when BItCoin collapses, our taxes will be used to prop it up.
    Yeah, it’s amazing how so many people are all about the Free Market until they make a wrong turn. Then they have their hand out. 
    watto_cobra
  • Reply 12 of 15
    darkvader said:
    What a great idea!  Let's take our successful payment processing company, and rename it for a scam.

    And yes, cryptocurrency is a scam.  Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it.  But don't plan on holding it long term unless you want to lose a bunch of money.
    Blockchain isn’t limited to just cryptocurrency.
    williamlondonwatto_cobra
  • Reply 13 of 15
    DAalsethDAalseth Posts: 1,849member
    darkvader said:
    What a great idea!  Let's take our successful payment processing company, and rename it for a scam.

    And yes, cryptocurrency is a scam.  Sure, you've still got some time to buy in and make a little money before the bottom drops out, it's probably got a few years left before the pyramid collapses or government bans really put the crunch on it.  But don't plan on holding it long term unless you want to lose a bunch of money.
    Blockchain isn’t limited to just cryptocurrency.
    That is the real tragedy about this. Blockchain is a very powerful technology that could be used for some real world solutions. Instead it has gotten painted with a big brush and most people think of BC and Crypto as one and the same. 
    williamlondonwatto_cobra
  • Reply 14 of 15
    rezwitsrezwits Posts: 776member
    rezwits said:

    It's just more "volatile" i.e. bigger swings of the pendulum, where as with a bank there isn't really a negative swing, it's not ever gonna be worth LESS than the $10,000.

    The only issue now is inflation and such.

    What a bizarre thing to say when the value of the dollar changes over time due to “inflation and such”. $10,000 now is worth less than $10,000 ten years ago. 

    Also:
    That's why I mentioned the only issue now is inflation, i.e. the value of $10,000 in the bank could be actually be riskier now, because of the dollar dropping so much and because of these new inflationary situations.  Like randomly shutting down oil production or power companies changing their pricing models, over population kicking into over drive with food shortages, Covid even...
  • Reply 15 of 15
    crowleycrowley Posts: 9,343member
    Excellent!  I do so appreciate it when companies advertise that they should be avoided.  Makes everything so much easier.
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