Jack Dorsey: Square Will Create A New Bitcoin-Focused Business Division
Jack Dorsey, the CEO of Square (and Twitter) announced Square’s plans to create new business division that will facilitate “non-custodial, permissionless, and decentralized financial services.”
Payments services company Square announced plans to create a new business focused on creating an “open developer platform” to make it easier to provide non-custodial, decentralized financial services, the company’s CEO Jack Dorsey announced in a series of tweets Thursday.
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.
Dorsey tweeted that the still-be-named division’s “primary focus” would be Bitcoin.
The new service will be a subset of Square, alongside Tidal, Seller, and Cash App, and will facilitate “non-custodial, permissionless, and decentralized financial services” with a focus on Bitcoin.
Mike Brock, an executive at Square, who currently heads Square’s strategic development division, will lead the new initiative.
According to Dorsey the new venture will be “completely open”:
“Like our new Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. Brock is leading and building this team, and we have some ideas around the initial platform primitives we want to build.“
The new division will differ from Square Crypto in that Square will provide direction as well as funding for its work, Dorsey tweeted.
Dorsey noted that the company would be establishing Twitter and Github accounts to provide updates on the project.
Dorsey is a longtime advocate of blockchain tech. At the Miami Bitcoin conference in earlier this year in June, he said that if he weren’t working on Square and Twitter, he’d be working full-time on Bitcoin.
Square recently announced plans to develop a Bitcoin hardware wallet – essentially a physical drive that lets you store crypto offline. Hardware wallets are generally considered more secure than internet-connected “hot wallets”.
