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Jack Dorsey Says Square Is Changing Its Name To Block

CEO of financial payments company announces move just two days after leaving Twitter.

Days after news broke that Jack Dorsey was stepping down from Twitter ( (TWTR) - Get Twitter, Inc. Report), his payment company Square ( (SQ) - Get Square, Inc. Class A Report) announced plans to change its name to Block.

The San Francisco-based financial tech company will rebrand itself as Block starting from Dec. 10,  CNBC reported. The move comes as it expands its reach beyond merchant payments and toward cryptocurrency and blockchain, areas Dorsey has previously expressed keen interest in.

A part of the company named Square Crypto will change its name to Spiral, however, the company will not alter its organizational structure or respective brands.

"We built the Square brand for our Seller business, which is where it belongs," Dorsey said in a press statement. "Block is a new name, but our purpose of economic empowerment remains the same."

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Co-founded by Dorsey and Jim McKelvey in 2009, Square became  an early way to accept credit card payments on a cell phone. While Dorsey has been running both Twitter and Square since 2015, some commentators observed him to be gradually drifting away from Twitter and toward Square and promoting various cryptocurrencies online. 

After Dorsey announced his resignation from Twitter, it was revealed that he would remain at the helm of Square. In the last year, Square has acquired buy-now-pay-later company Afterpay and Jay-Z’s music streaming service Tidal.

"The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome," Dorsey said of the change.

At closing bell on Wednesday,  (SQ) - Get Square, Inc. Class A Report stock was down 6.66% to $194.50. The ticker NYSE symbol  (SQ) - Get Square, Inc. Class A Report will remain the same.