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(Pocket-lint) - Square, the 12-year-old financial services company, is changing its name to Block - perhaps signaling a more significant pivot to cryptocurrency.

Jack Dorsey, Square's co-founder and CEO, has been public about his passion for Bitcoin, cryptocurrency, and blockchain technology. So much so that one has to wonder whether the name "Block" is derived from or inspired by "blockchain".

Dorsey recently resigned as CEO of Twitter. He remains the CEO of Square.

In a press release, Square said its rebranding acknowledges its "growth". The company is perhaps best known for the Cash app for peer-to-peer payments, as well as its point of sale system for businesses and possibly even its Square Cryptio initiative - which, as part of Square's rebranding, is changing its name to Spiral. Square also took a majority stake in the Tidal this year. 

"The name change creates room for further growth", explained Square. "Block is an overarching ecosystem of many businesses united by their purpose of economic empowerment, and serves many people - individuals, artists, fans, developers, and sellers".

Square's new name is expected to go into effect around 10 December 2021. The company's said its ticker symbol, SQ, will "not change at this time".

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Keep in mind Facebook recently changed its name to Meta. It, too, kept its original ticker symbol - FB - though there are plans to change it in 2022.

Writing by Maggie Tillman.