Financial payments company Square was founded in 2009 by Jack Dorsey & mdash; founder and now former CEO of Twitter and will now be renamed Block, Inc. The company completely changes not only the name, but also the corporate identity.
Square (and now Block) has been actively developing over the last decade. In addition to providing financial services, Block recently acquired a majority stake in music streaming platform Tidal, is the parent company of mobile payment service Cash App, and owns several companies operating in the cryptocurrency market.
Block companies will not change their names. Block executives say the new name 'confirms the company's growth' and will evolve as a 'comprehensive ecosystem'.
According to the company, there is a lot of symbolism in the name change. “ Block has many different meanings, many of them are interrelated '', & mdash; it says. “ For example buildings, neighborhoods, local businesses, communities, party hangouts, blockchain, code sections and obstacles to overcome. ''
All these different meanings are mentioned in the new promo video created for the rebranding. In bright futuristic animation, viewers will get to know the various companies that are part of the new ecosystem.
The brand video provides an insight into the new logo. In it, the square logos representing the Block sub-brands are folded into a cube & ndash; then they roll up to create a new logo.
It is important to note that the Block website says that the main brand logo is animated and that it should be used instead of the static one wherever possible. Animated logo in the form of a cube in isometric projection, dynamically changing its shape on a twisty skub, with a dynamic gradient of texture.
A bright new color palette sharply contrasts with the laconic monochrome of the previous “ square '' one. Square identity. The plain sans serif of the original logo has been replaced with a heavier blocky font. a font that consists of lowercase letters.
For now Block representatives do not provide information on whether the rebranding was carried out in-house or with the involvement of external specialists.
News of Square's rebranding to Block came just days after founder Jack Dorsey announced that he would step down CEO of Twitter. Dorsey is known to have an active interest in the cryptocurrency space, and many speculate that these steps are a sign that he is increasing his focus on this.
Square & ndash; isn't the only major tech company to rebrand this year – Facebook changed its corporate name to Meta in October. Like Square, Meta CEO Mark Zuckerberg reportedly felt that Facebook's brand name did not fully reflect what the company is and will be in 2021.