Twitter founder Jack Dorsey has announced that tech company Square will be renamed as Block.
The name change reflects that Dorsey’s company is moving beyond its existing function as a credit card reader and expanding into new technology areas including music streaming and possibly blockchain technology. The division of the company that provides services to sellers will keep the name Square, whereas the parent company will assume the new name Block.
“The change to Block acknowledges the company’s growth,” Block said in a statement, pointing out that Square has acquired music streaming service Tidal, Cashapp and TBD54566975 over the past year.
“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,” said company chief executive and founder Jack Dorsey.
The move comes shortly after Dorsey, a longstanding advocate for digital assets and blockchain technology, announced he would be stepping down as chief executive of Twitter.
Square is the latest tech firm to undergo a rebrand as it makes a push into new blockchain technologies. Facebook recently rebranded itself as Meta amid plans to build a virtual reality metaverse for its users. Block’s name change will come into effect on 10 December.