Jack Dorsey's Square is becoming Block.
The financial services company announced Wednesday, two days after Dorsey stepped down as CEO of Twitter, that it is changing its name and rebranding in an effort to distinguish the company from its top financial service product.
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“We built the Square brand for our Seller business, which is where it belongs,” said Dorsey, who is co-founder and CEO of the company. “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 company said there will be no organizational changes coinciding with the name change. Square Crypto, its company that works on open-sourced Bitcoin projects, will change its name to Spiral.
When Block began, its top product was Square, which is a service that processes payment methods such as credit cards. Since then, the company acquired other financial services companies including Cash App, TIDAL, and TBD54566975.
The company said it expects its name to be legally changed on Dec. 10. It said it does not plan to change its ticker symbol, "SQ," just yet.
"[Block] 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," the company said.
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Dorsey made headlines Monday when he announced that he was stepping down as CEO of Twitter. It is not fully clear why he stepped down, but he argued that it was important for Twitter to be free from the "founder-led" culture among businesses.
In late October, Dorsey's business rival, Mark Zuckerberg, similarly announced that Facebook was changing its corporate name to Meta in order to distinguish the parent company from its top service, Facebook.