Digital payments giant Square has announced it will change its name to Block

Square, the digital payments giant led by Jack Dorsey, announced on Wednesday that it will change its name to Block Inc, according to media reports.

The SAN Francisco-based company said the “Square” name had become synonymous with its seller business, adding that there would be no change in its organizational structure and that its different business units would keep their brands.

Just a few days ago, Jack Dorsey officially resigned as Twitter CEO.

In 2009, Twitter founder Jack Dorsey and his friend Jim McKelvey started Square, a payments company.

While the epidemic has accelerated the global popularity of digital payment, it has also brought the need for the transformation and upgrading of mobile payment.

Square says the new name better covers its various businesses than the current one.

Square’s cryptocurrency business unit, Square Crypto, will change its name to “Spiral,” the company said.

Square said the new company will take effect on or around December 10, but for now, its New York Stock Exchange ticker “SQ” will not change.