The name change reflects the increasingly diverse nature of the company's business.
Over time, Square has acquired Cash App (payments and investments), open-source Bitcoin project builder Spiral, fan engagement platform Tidal, and Bitcoin development platform builder TBD54566975.
Square's takeover offer for Australian BNPL service Afterpay has been delayed until 2022 pending regulatory approval.
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"We built the Square brand for our Seller business, which is where it belongs," said Square co-founder and CEO Jack Dorsey, who this week announced he was stepping down as CEO of Twitter, apparently to concentrate on Square.
"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," he added.
The name change from Square to Block is similar to the way Google became Alphabet. Square, Cash App, Tidal, and TBD54566975 will continue as separate brands. Square Crypto will change its name to Spiral.
The name change to Block is expected to take effect around 10 December.
The company's NYSE ticker symbol SQ will not change, at least for the time being.
