The FinTech giant Square is changing its name to Block, effective December 10. The name change, which has been in the works for over a year, is intended to house the company’s various products — including music streaming service TIDAL, Cash App, TBD, and of course, Square — under one brand.
This announcement comes just days after founder and CEO Jack Dorsey stepped down from his CEO role at Twitter, which he also co-founded.
“We built the Square brand for our Seller business, which is where it belongs,” said Dorsey in a press 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.”
The name Block is also a nod to the company’s growing interest in blockchain technology and cryptocurrency. The existing Square Crypto product will also be renamed to Spiral.
“Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes,” the company wrote in a Tweet.
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