Digital payment company Square announced that it has changed its company name to Block, which seems to be a shift to blockchain technology.

In a tweet on Wednesday, Square Said The rebranding will enable payment companies to interact with Cash App, decentralized Bitcoin (Bitcoin) The exchange project tbDEX, and the music and video streaming platform Tidal.Accompanying press release Said Square Crypto, a branch of the payment company that focuses on cryptocurrencies, will also be renamed Spiral and join the Block family.

“Block refers to the block where we find the seller, the blockchain, the block party full of music, obstacles to overcome, a piece of code, building blocks, and of course tungsten cubes,” Said square. “For more than a year, we have been working hard to make this change. It only represents a change of our official company name; it is not our purpose, our vision, our structure, or the way we operate.”

We are changing our company name so that we can provide a complete @square Brand to our seller business.So now we need a name to bind @square, @CashApp, @tidal, with @TBD54566975 Two into one. That name is “Block”. Why? https://t.co/vVSKNnMUU3

-Square (@Square) December 1, 2021

The rebranding is only in Square — now Block — two days after the CEO Jack Dorsey resigns At Twitter, the reason is that he needs to provide work space for his replacement, chief technology officer and board member Parag Agrawal, without being influenced by his social media giant.At the time, many people speculated that Dorsey would have a deeper understanding of encryption and blockchain through Square’s operations, just like Facebook does. Take your attention away from social media Renamed to Meta.

“Block is a new name, but our purpose of giving economic power remains the same,” Dorsey said during the name change. “No matter how we grow or change, we will continue to build tools to help increase our access to the economy.”

related: Jack Dorsey outlines tentative plans for Square’s Bitcoin hardware wallet

Square stated that the legal name change will take effect “around” December 10. According to the company, there will be no organizational changes for Block, Cash App, Tidal, Spiral or tbDEX.

This story is under development and will be updated.