Square's Jack Dorsey announces plan for financial services business focused on bitcoin
Jack Dorsey, CEO of Square, said Thursday that the payments services business is working to create "an open developer platform" focused on bitcoin-tied financial services.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.— jack (@jack) July 15, 2021
The venture is the latest bitcoin-focused project spearheaded by Dorsey. In recent months, Dorsey has outlined plans for developing an open-source hardware wallet, and bitcoin has played an increasingly significant role in Square's financial footprint via its Cash App, as detailed in recent earnings disclosures.
The new initiative is being led by Mike Brock, who currently serves as Strategic Development Lead for Cash App.
In his tweet thread, Dorsey wrote that "Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source."
More information -- including dedicated Twitter and GitHub accounts -- are forthcoming, Dorsey concluded.
During an event appearance last month, Dorsey reiterated his belief that bitcoin should ultimately become the native currency of the internet, positioning Square's growing use of the tech as part of that goal.
"The only reason Square got into bitcoin was to that end," he said at the time.Source