Square is a financial service company that was founded by Jack Dorsey in 2009. The company has been changed to Block as it will focus on blockchain technology.
The change of name symbolizes growth and according to a press release, Block will encompass many different aspects of the company’s forward-looking plans- including ‘building blocks, neighbourhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code and obstacles to overcome.’
The company will officially change its legal name from Square Inc. to Block Inc. around December 10.
Square focuses on in-person payments which let people accept credit card payments via their smartphones. Based in San Francisco, Square added a peer-to-peer digital banking app and small business lending. The company also acquired Afterpay and Jay-Z’s music streaming service, Tidal.
This is coming a few days after Jack Dorsey stepped down as Twitter’s CEO.