Square, a financial services company co-founded by now-former Twitter CEO Jack Dorsey, is changing its name to Block, the company announced Wednesday. Square has grown beyond just offering financial services — it took a majority stake in the music streaming service Tidal this year, for example — which Block is using as the 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.”
The change is being announced just two days after Dorsey resigned as CEO of Twitter. Previously, he had served as the CEO of both Twitter and Square simultaneously. He remains the CEO of Block.