Days after Jack Dorsey resigned as Twitter CEO, his other company is changing its name.

Square, the digital payments company it owns and operates, will now go under the new corporate name of Block.

In October, the Facebook group adopted Meta as a new company name.

And likewise, individual Block-owned businesses, “bricks,” as the company called it, such as Square and music streaming platform Tidal, retain their original names.

Square’s business includes payment systems, such as card readers, and banking products for retailers.

“We built the Square brand for our sales business, which is its place”, Mr. Dorsey said.

“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.”

Square said on Twitter: “We have been working to make this change for over a year and it is just a change of our official corporate name, not our purpose, our vision, our structure or the way we operate.”

Referencing the Facebook rebrand, the company tweeted: “Not to get any meta on you … but we will.

“‘Block’ refers to the neighborhood blocks in which we find our vendors, a blockchain, parties full of music, obstacles to overcome, a section of code, building blocks and, of course, tungsten cubes.”

Mr. Dorsey is known for his interest in cryptocurrencies and the blockchain technology that powers them.

He recently built a cryptocurrency team on Twitter, observing how the company has embraced digital assets and decentralized apps.

Square Crypto, a unit within Square “dedicated to the advancement of Bitcoin”, is also changing brands, such as Spiral.

And the name change to Block has been taken by many to suggest that the company will focus more on these areas in the future.

“In many ways, the rebranding also reflects Dorsey’s well-known enthusiasm for cryptocurrencies” technology news website Engadget wrote.

“After all, this is the man who wanted the world to know he has a Bitcoin clock in the kitchen.”