Square, co-founded by Twitter's Jack Dorsey is changing its name to Block

(Image Courtesy: Block)

Co-founded by former Twitter CEO Jack Dorsey and the parent company to the music streaming service Tidal, Square is changing it name to Block.

“The change to Block acknowledges the company’s growth,” said the financial services company in a press release.

“We built the Square brand for our Seller business, which is where it belongs,” said Jack Dorsey, cofounder and CEO of Block. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

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Square began operations in 2009 and has since then, added Cash App, Tidal and TBD54566975 to its family of services. Block said that the name change, "creates room for further growth," and the name Block will represent an, "overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.”

Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqypic.twitter.com/RMOnxCLP9Y

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— Block (@blocks) December 1, 2021

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Square was founded in 2009 by then Twitter CEO Jack Dorsey and billionaire Jim McKelvey. It launched its offering in 2010 and has been a publicly traded company on the New York Stock Exchange since 2015.