Square changes name to Block just 2 days after Jack Dorsey steps down from Twitter

• Square Inc., Jack Dorsey's financial services company, is changing its name to Block.
• The move comes days after Dorsey announced his departure from Twitter.

Square, the online financial services company co-founded by Jack Dorsey, is changing its name to Block.

The corporate rebrand, announced Wednesday, comes mere days after Dorsey announced he would step down as CEO of Twitter, which he co-founded 15 years ago. The name change, which will go into effect legally on December 10, comes as Square moves into areas aside from its initial card-reader business.

"The change to Block acknowledges the company's growth. 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," the company said.

"Not to get all meta on you… but we're going to!" the company wrote on Twitter. "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."

Founded in 2009, Square started out by selling a credit-card reader that allowed individuals and businesses to accept payments using a smartphone. It has since expanded into other ventures, including ones focused on cryptocurrency and blockchain technology.