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Square changes its name to Block as focus shifts

Square - a payments firm led by Twitter co-founder Jack Dorsey - is having a rebrand.

The fintech company announced Wednesday it was changing its name to Block in a nod to its growing interest in blockchain and cryptocurrency.

The move comes days after Dorsey stepped down from his role as CEO of Twitter.

From next week, Block will be the name for the company as a corporate entity and will distinguish it from its business units.

Those include its peer-to-peer payment service Cash App, music streaming service Tidal and its bitcoin-focused financial services segment.

Dorsey has frequently expressed an interest in cryptocurrency.

Under his tenure, Square bought $50 million worth of bitcoin before the wave of institutional interest that sent its value soaring.

In February, Dorsey further raised the firm's wager and invested another $170 million in it.

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