Square is changing its name to Block as it wants to expand its payment business into new technologies like blockchain. The firm said that its current name Square had become identical with its seller business. The new name will differentiate the corporate entity from its businesses, Square added. The firm said that there would be no organisational changes and its various business units like Square, Cash App, Tidal, will maintain their respective brands. Shares were up nearly 1 per cent in extended trading.

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“The name has several associated meanings for the company building blocks, neighbourhood blocks and their local businesses, communities coming together for a blockchain, a section of code, and barriers to overcome,” Square told in a statement. The digital payments giant’s Square Crypto will also change its name to Spiral. Square purchased $50 million worth of bitcoin even before the flow of institutional interest that launched the digital currency’s price to record highs this year.