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December 2, 2021

Digital payments outfit Square to rebrand as Block

By Amala Johney

Jack Dorsey-led digital payments firm Square has rebranded its corporate entity to Block, keeping the Square brand for its seller business.

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According to the company, Square brand was originally built for the seller business, which offers commerce solutions, business software, and banking services for sellers.

Block will comprise the firm’s various businesses including Cash App, TIDAL, and TBD54566975.

Besides, the firm’s cryptocurrency initiative Square Crypto will be renamed as Spiral.

There will be no organisational changes as part of the name change.

Commenting on the development, Block cofounder and CEO Jack Dorsey said: “We built the Square brand for our Seller business, which is where it belongs.

“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.”

The new name comes amid the firm’s growing interest in blockchain technology and cryptocurrency.

In June this year, it announced plans to invest $5m to build an open-source, solar-powered bitcoin mining facility at one of the US sites of Blockstream Mining.

Other moves by Block

In September this year, Block launched integrated omnichannel payment solutions for France’s small businesses and large enterprises.

The same month, the firm introduced a contactless payment method – Cash App Pay – for sellers and consumers.

In August, it agreed to buy Australian ‘Buy Now Pay Later’ outfit Afterpay for nearly $29bn.

Free Whitepaper
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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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