Payments company Square has just announced it has changed its name to Block. The official rebranding is expected to take effect on December 10, according to the press release shared by the company.
The Square name will remain on the payments platform, which has been accepting and processing payments for small and medium-sized businesses since 2009.
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The new name reflects Block's development into an ecosystem. This includes Cash App, music streaming service Tidal and decentralized crypto exchange tbDEX. Block will also include Square Crypto, a cryptocurrency initiative that will be renamed Spiral.
Block CEO Jack Dorsey has recently announced he is stepping down as CEO of Twitter. The company's Board of Directors has approved Parag Agrawal as the new CEO of the company.