Square to create a new business focused on Bitcoin
Fintech company Square Inc announced it is creating a new business focused on Bitcoin. Chief Executive Officer Jack Dorsey mentioned this in a tweet on Thursday.
The new company will focus on building an open-source platform
Dorsey explained that it wants to build an open developer platform to make it easy to create decentralized financial services, with a primary focus on Bitcoin. The CEO of both Twitter and Square explains that this business will go well together with the existing units like Tidal and Cash App.The strategic Development lead of Square's payment service cash app Mike Brock is leading and building the team. He also tweeted about the business idea. Brock announced the team's names that will work on the platform and stated that he is "super excited to return to the world of open source." Both Dorsey and Brock also mention the term TBD as the name of the business. It is unclear whether this will be the actual name or if this stands for "to be determined."
On Twitter, a large group of crypto enthusiasts was joking about the fact that there already is a platform to create decentralized financial services. They asked Dorsey if he's planning to create something similar to Ethereum.
Jack Dorsey has been actively implementing crypto in both Square and Twitter
It is very likely that more updates will follow that will clear up most of the questions. Just as we saw when Dorsey spoke about the hardware wallet Square is planning to create on Twitter. The platform will also be similar to the hardware wallet and is going to be completely Open Source.Jack Dorsey is a known Bitcoin maximalist and has been implementing crypto with both Square and Twitter. In February this year, Square announced it bought another $170 million worth of Bitcoin & Twitter recently launched their own NFTs. The recent announcements and activities show that it doesn't stop there.
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