Sq., a monetary companies firm co-founded by now-former Twitter CEO Jack Dorsey, is altering its identify to Block, the corporate introduced Wednesday. Sq. has grown past simply providing monetary companies — it took a majority stake within the music streaming service Tidal this 12 months, for instance — which Block is utilizing because the justification for the brand new identify.

“The change to Block acknowledges the company’s growth,” the corporate stated in a press release. “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. Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people—individuals, artists, fans, developers, and sellers.”

Block says there might be no organizational modifications because of the brand new identify, although the corporate’s Sq. Crypto initiative is being rebranded to Spiral. The brand new Block identify is anticipated to legally go into impact “on or about” December tenth. Its ticker image, SQ, will “not change at this time.”

The modifications are being introduced simply two days after Dorsey, a famous Bitcoin fanatic, resigned as CEO of Twitter. Beforehand, he had served because the CEO of each Twitter and Sq. concurrently. He stays the CEO of Block.

The brand new Block identify arrives simply over a month after Fb modified its identify to Meta.

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