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Square Founder and CEO Jack Dorsey has announced the creation of a new Square division dedicated to building decentralized financial services using Bitcoin.
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
Dorsey followed up on this tweet with a thread explaining that, like Square’s new Bitcoin hardware wallet, the developments will be fully open source.
“Like our new #Bitcoin hardware wallet, we’re going to do it completely uncovered. Open roadmap, open and open source development. @brockm lead and build this team, and we have some ideas on the initial platform primitives we want to build. “
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The new company will combine the efforts of CashApp, Seller and Tidal with the same goal of decentralized financial services.
Recently, Dorsey has shown great interest in Bitcoin. Dorsey has said he will even quit Square or Twitter if its development becomes more vital during the Bitcoin 2021 conference.
“Bitcoin changes absolutely everything. I don’t think there’s anything more important in my life to work on, ”Dorsey said.
“If I wasn’t on Square or Twitter, I would be working on bitcoin. Yes [bitcoin] need more help than Square or Twitter, I would leave them for Bitcoin. But I think both companies have a role to play.
Since then, Dorsey has taken further steps in the Bitcoin space. He has first ad an event called The B Word aimed at demystifying the mainstream narratives surrounding Bitcoin. Then, Square’s hardware manager, Jesse Dorogusker, ad the development of a new hardware wallet, indicating the goal of making Bitcoin custody more common.
With Dorsey’s continued commitment and interest in developing tools for Bitcoin, he has become one of the biggest advocates of cryptocurrency.
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