Jack Dorsey’s payment firm Square is rebranding the name of its corporate entity to “Block,” according to a company announcement on Wednesday. The change will become official on December 10.
The name change stems from the firm’s desire to become more deeply embrace decentralized and blockchain technology, citing that the name change has been in the works for the past year.
“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, co-founder and CEO of Block, said in the release. “'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.”
In addition to Square’s name change to “Block,” “Square Crypto” will rebrand to “Spiral.” However, Block’s New York Stock Exchange symbol will remain SQ, the firm wrote on Twitter.
The name change comes just two days after Jack Dorsey stepped down as the CEO of Twitter.