After leaving Twitter, Jack Dorsey renamed Square to Block.

Big picture: Square is covered with fresh paint. The financial services company, co-founded by Jack Dorsey, is changing its name to Block, which she believes better reflects its vision and creates opportunities for further growth. A more important story, however, may be that we now know what Dorsey plans to focus on after leaving Twitter.

The Square brand was created for the company’s merchant business, we were told, and the change “allows the merchant to own the Square brand for which it was created.”

Square launched in 2009 and its first product was a card reader that plugs into the headphone jack of a mobile device so that small businesses can accept credit card payments. A few years later, Square introduced a mobile payment service called Square Cash (now the Cash App). More recently, the company has been actively involved in cryptocurrency and even acquired a majority stake in the streaming music service Tidal.

V announcement comes just days after Dorsey stepped down as CEO of Twitter. Dorsey said he believes the company is ready to ditch its founders (Dorsey co-founded Twitter in 2006 and was its first CEO before leaving and then returning for the next launch). Now that Twitter is a thing of the past, one would think that Dorsey could now focus all of his attention on the further growth of the Block.

The name change will not come with any organizational change, although the company noted that Square Crypto will change its name to Spiral.

“The name has many meanings for the company – building blocks, neighborhoods and their local businesses, communities coming together at parties filled with music, blockchain, code snippets and obstacles to overcome.”

Pending all legal requirements are met, Square expects the name change to take effect around December 10, 2021. The company’s ticker symbol on the NYSE will remain “SQ” for now.

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