SquareBlock is changing its name to Block, as it places more emphasis on blockchain technologies and extends beyond the original credit card reader business.

Jack Dorsey, the payments titan said that the company’s new name effective Dec. 10 “acknowledges its growth” and allows for “further growth.” Block will continue to trade under the Nasdaq ticker SQ.

Jack Dorsey (cofounder and CEO) of Block stated in a statement that “We created the Square brand to our Seller business.” Although Block is now known as “Block”, our goal of economic empowerment will remain the same. Whatever our growth and changes, we’ll continue to create tools to increase the economic accessibility.

Square, founded in 2009 by Dorsey, focuses on in-person payment and the company’s card reader. This card reader allows users to take credit card payments from their smartphone. Square is based out of San Francisco and has expanded its offerings to include a peer-to–peer digital banking app and small-business lending. It also offers stock trading and crypto. Square has also acquired a buy-now, pay-later provider AfterpayJay-Z’s streaming music service Tidal. TBD is a new crypto-focused business that will double down on Bitcoin.

Square Crypto is being rebranded to become Spiral as a distinct part of Square. This company was “dedicated” to Bitcoin advancement.

“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,” Block said in a statement.

After running Square and Twitter since 2015, Dorsey announced his resignation as Twitter’s CEO. Dorsey stated that Twitter is “ready to move forward from its founders” and that he will have more time for his other duties. SquareThe portfolio is growing. Dorsey also plans to concentrate on cryptocurrency fascination.

It comes about one month after Facebook. changedThe name Meta was changed to reflect Mark Zuckerberg’s vision to create a virtual world known as the Metaverse. Google is well-known for changing its name. AlphabetIn a similar manner, six years back to reflect different lines of business.

Square was among the top winners in 2020 due to consumers shifting towards digital payments. As investors shift away from high-growth tech companies, shares are currently down around 2%.