US digital payments company Square to change name to Block

By Ovunc Kutlu

ANKARA (AA) - US digital payments and financial services company Square said it will change its brand name to Block on Dec. 10 to focus more on blockchain technology and cryptocurrencies.

Square Crypto, a separate department of the company related to Bitcoin, will also change its name to Spiral, the firm said in a statement Wednesday.

The San Francisco-based firm's ticker symbol on the New York Stock Exchange, SQ,will not change.

"Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy," said CEO and co-founder Jack Dorsey.

Dorsey left Twitter on Monday.

He co-founded Square in 2009 as an in-person payments provider that allows users to facilitate credit card payments on smartphones.

The company has also adopted peer-to-peer digital banking and started offering cryptocurrencies and stock trading.