Dorsey-led Square rebrands to Block in nod to blockchain

FILE PHOTO: Jack Dorsey, co-founder of Twitter and fintech firm Square, sits for a portrait during an interview with Reuters in London, Britain, June 11, 2019. REUTERS/Toby Melville

(Reuters) -Square Inc, the payments company led by Twitter Inc co-founder Jack Dorsey, said on Wednesday it was changing its name to Block Inc, as it looks to expand beyond its payment business and into new technologies like blockchain.

The San Francisco-based company said the name "Square" had become synonymous with it's seller business. The new name would distinguish the corporate entity from its businesses, Square added, a strategy similar to Meta Platforms Inc's rebrand last month.