Square, the payments startup founded by Jack Dorsey, has rebranded as Block

Square is changing its name to Block as it expands beyond its credit card reader business and focuses on blockchain technology.

According to the company, the new name, which will take effect on December 10, “acknowledges the company’s expansion” and “creates an opportunity for further growth.” Block will continue to trade on the New York Stock Exchange under the ticker SQ.

Dorsey co-founded Square in 2009, focusing on in-person payments and the company’s namesake card reader, which allowed consumers to accept credit card payments using their smartphones. Square, based in San Francisco, has since expanded its offerings to include peer-to-peer digital banking software and small business lending, as well as a bank license and the ability to trade cryptocurrency and stocks.

Afterpay, a buy-now, pay-later service, and Tidal, Jay-streaming Z’s service, have been acquired by the company. TBD, a cryptocurrency-focused company, is also tripling down on bitcoin.

Square co-founder and CEO Jack Dorsey said in a statement, “We established the Square brand for our Seller business, which is where it belongs.” “Block is a new name, but our mission of economic empowerment remains the same. Regardless of how we grow or change, we will continue to design tools to help broaden access to the economy.”

As part of the rebranding, Square Crypto, a separate division of the company “committed to advancing Bitcoin,” will be renamed Spiral.

Square was one of the biggest winners in 2020 as consumers shifted to digital payments. Investors are moving away from higher-growth tech stocks, with shares down about 2% this year.

Dorsey, who has been CEO of both Twitter and Square since 2015, stepped down from his other position as CEO of Twitter on Monday. He believes Twitter is “ready to move on from its founders,” and he will now have more time to devote to Square’s expanding portfolio.