Days after Jack Dorsey resigned as chief executive of Twitter, his other company is changing its name.
Square, the digital-payments company he owns and runs, will now go under the new corporate name of Block.
In October, the Facebook group adopted Meta as its new corporate name.
And in the same way, individual businesses owned by Block, “building blocks”, as the company put it, such as Square and music-streaming platform Tidal, retain their original names.
Square’s business includes payment systems – such as card readers – and banking products for retailers.
“We built the Square brand for our seller business, which is where it belongs,” Mr Dorsey said.
“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.”
Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y
— Block (@blocks) December 1, 2021
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Square said, on Twitter: “We’ve been working to make this change for over a year and it only represents a change of our official corporate name – not our purpose, our vision, our structure, or how we operate”.