Jack Dorsey, CEO of Square Inc., announced in a series of tweets today that they’re creating a new Bitcoin focused business. The new company will focus on building an open developer platform with the goal of making it easy to create decentralized financial services.Â
“It’s (new business) name is TBD,” Dorsey tweeted. However, he didn’t elaborate if the name was to be determined or if it was going to be named “TBD”. Dorsey said that Mike Brock, head of Strategic Development Group at Square’s payments service Cash App, will lead the business.
Like Square’s previously announced hardware wallet for bitcoin, this will be completely open-source. Jack in the tweet also mentioned that TBD will be different from Square Crypto. Square will provide direction as well as funding for its work.
Dorsay said that the company will provide updates on the project via establishing new Twitter and GitHub accounts.
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Dorsey’s new announcement for the bitcoin-focused business isn’t surprising. Twitter CEO has always been a keen supporter of bitcoin. He also launched his own node to record transactions on the Bitcoin blockchain earlier this year. Earlier this month, Dorsey said Square would build its own Bitcoin hardware wallet for storing the cryptocurrency.
