Jack Dorsey’s other company is changing its name just days after he stepped down as CEO of Twitter.
Square, the digital-payments startup he founded and now leads, will now be known as Block.
Recall that Meta was chosen as the new corporate name for the Facebook group in October.
Individual Block-owned firms, or “building blocks,” as the company calls them, such as Square and music-streaming platform Tidal, keep their original names.
Square’s business comprises payment solutions for retailers, such as card readers, as well as banking products.
Speaking on the new development on Twitter, Square stated that the company had been working to make the change for over a year and it only represents a change of our official corporate name – not the purpose, vision, structure, and operation of the company.
Referencing Facebook’s rebrand, the company tweeted: “Not to get all meta on you… but we’re going to.
“‘Block’ references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and, of course, tungsten cubes.”
Dorsey is recognized for his fascination with cryptocurrencies and the blockchain technology that underpins them.
He’d recently established a cryptocurrency team at Twitter, to examine how the firm dealt with digital assets and decentralized apps.
Spiral is also rebranding Square Crypto, a business within Square “committed to advancing Bitcoin.”
Many have interpreted the corporation’s name change to Block as implying that the company will place a larger emphasis on these areas in the future.