Jack Dorsey's financial services company 'Square' will be renamed as Block, effective from December 10, as the former Twitter CEO renews his focus on Blockchain and cryptocurrencies.

This announcement came after Square Founder Dorsey, who is a staunch supporter of Bitcoin, stepped down as Twitter CEO. "We built the Square brand for our Seller business, which is where it belongs," said Dorsey.

"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," he said in a statement late on Wednesday.

Since its start in 2009, the company has added Cash App, TIDAL, and TBD54566975 as businesses, and the name change creates room for further growth.

As a result of the name change, Square Crypto, a separate initiative of the company dedicated to advancing Bitcoin, will change its name to Spiral, the company announced.

Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin.

"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," the company tweeted.

Square isn't the first major tech company to rebrand this year. Facebook changed its corporate branding to Meta just over a month ago.

(With inputs from IANS)