Jack Dorsey-led payments company Square Inc. said on Wednesday it was changing its name to Block Inc.

The San Francisco-based company said the name "Square" had become synonymous with the company's seller business. It added there would be no organizational changes and its different business segments will continue to maintain their respective brands.

The move comes days after Dorsey stepped down from his role as chief executive officer at Twitter Inc.

The digital payments giant's crypto arm Square Crypto will change its name to Spiral, the company said.

The new name would become effective on or about Dec. 10, Square said, but the "SQ" ticker symbol on the New York Stock Exchange would not change at this time.