Square follows in Facebook's footsteps with name change to Block

Digital payments firm Square is rebranding itself as Block to reflect its focus on blockchain and cryptocurrencies. The move, effective on December 10th, comes just days after Square CEO Jack Dorsey stepped down as Twitter’s CEO. The brands within the company like digital payment gateway Square, personal payment service CashApp, music and entertainment platform Tidal, and crypto-based open developer platform TBD54566975 will remain the same, with Block gathering them all under a single parent company’s roof. The company’s NYSE stock ticker, SQ, will also remain the same.

Zoom In: According to a statement made by the company, the ‘Block’ name has many meanings associated with it like “building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.”