San Francisco – The payment service Square from Twitter co-founder Jack Dorsey underpins its focus on digital currencies with a name change. The company is renaming itself to block – based on the blockchain technology with which crypto money works like Bitcoin.
The name change will officially take place on December 10th, as the company announced on Wednesday.
Dorsey founded Square a good decade ago after being ousted from the Twitter boardroom. When he returned to the top job at Twitter in 2015, he also kept the lead at Square, which caused displeasure among some investors. It was not until Monday that Dorsey gave up the chief post on Twitter and can now concentrate fully on his payment company.
Square began with card readers for smartphones and tablets, with which smaller retailers can also accept cashless payments. The concept got various imitators in Europe too. When expanding the business, Dorsey recently also relied heavily on the business with digital currencies such as Bitcoin.
The move is the second renaming of a technology company within a few weeks after Facebook changed its corporate name to Meta. This name change is intended to symbolize the company’s focus on a future digital environment, the “Metaverse”.