Jack Dorsey’s Square Changes Name to Block

• Payment company Square has announced plans to change its name to Block, effective Dec. 10

• The move is as a result of the company expanding its credit card-reader business to focus on other technologies including blockchain

• Twitter founder Jack Dorsey recently resigned as the CEO of the social media platform and is expected to pay more attention to Block

Credit card-reader company, Square is changing its company name to BLOCK.

The company which has been seen to focus on technologies like blockchain recently announced the name change on Wednesday.

Jack Dorsey, the CEO said that the new name will take effect on December 10 in his announcement.

He added that the name BLOCK would “acknowledge the company’s growth” and create room for further development.

Block will continue trading under the sticker SQ on the New York Stock Exchange.

In addition to that, Dorsey who is also the co-founder of the company said in a part of the statement:

“We built the square brand for our seller business, which is where it belongs.”

Read also: Facebook Removes Advertising Ban on Cryptocurrency

He also added:

“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.”

When San-Francisco-based Square was founded in 2009, the main focus was on in-person payments and its namesake card reader. This feature allowed people to accept credit card payments via their smartphones.

Also, Square has recently added a peer-to-peer digital banking app, received a bank charter, and also introduced crypto and stock trading.

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