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Square creating bitcoin-focused biz to build financial services products: Jack Dorsey

Square creating bitcoin-focused biz to build financial services products: Jack Dorsey

Dorsey's new business will be led by Mike Brock, who currently heads the Strategic Development Group at Cash App

Business Today
  • Updated Jul 16, 2021 10:46 PM IST
Square creating bitcoin-focused biz to build financial services products: Jack DorseyJack Dorsey, CEO of both Square and Twitter

San Francisco-based digital payments company Square Inc is creating a new business line to help build financial services products focused on Bitcoin, tweeted Jack Dorsey, Chief Executive Officer of both Square and Twitter.

"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 decentralised financial services. Our primary focus is #Bitcoin," Dorsey tweeted, adding that the new business doesn't have a name yet.

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The new company would be building an open developer platform with the goal of making it easy to create decentralised financial services.

"Like our new #Bitcoin hardware wallet, we're going to do this completely in the open," he tweeted. "Open roadmap, open development, and open source."

Last month, he announced that Square is building a hardware wallet for cryptocurrency. In February, the company announced Bitcoin now makes up 5 per cent of its total holdings.

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Dorsey's new business will be led by Mike Brock, who currently heads the Strategic Development Group at Cash App. The new business will be completely open-source like Square's previously announced hardware wallet for bitcoin.

Fintech company Square, founded in 2009 by Jack Dorsey and Jim McKelvey, has three business lines: Cash App, Square Seller products and music-streaming service Tidal.

Dorsey, who has been a huge supporter of Bitcoin, has long been interested in transforming Square into a broader organisation with a number of standalone units.

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Published on: Jul 16, 2021 10:46 PM IST
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