Jack Dorsey's Square is now known as Block

Square, a financial services company co-founded by Jack Dorsey, now-former Twitter CEO, will change its name to Block, the company announced on Wednesday. Square has grown far away from just offering financial services (for example, it took a majority stake in music streaming service Tidal this year, for example), which Block is using as a justification for the new name.

"The change to Block acknowledges the company's growth," the company said in a press release. "Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers."

Block says there will be no organizational changes due to the new name, although the company's Square Crypto initiative will be shifted to Spiral. The new name of the Block is expected to legally enter into force "on or about December 10." Its ticker symbol, SQ, "will not change at this time."

The changes are announced just two days after Dorsey, a prominent Bitcoin enthusiast, stepped down as CEO of Twitter. Previously, he had served as CEO of Twitter and Square simultaneously. He is still the CEO of Block. Block's new name comes just over a month after Facebook changed its name to Meta. Tags: Square, Block, Jack Dorsey