Jack Dorsey has announced that digital payments company Square will create a new business focused on the Bitcoin cryptocurrency to help developers design decentralized financial products.
Called ‘TBD,’ the new business joins existing payments services like Seller, Cash App and Tidal) “with the sole goal of making it easy to create non-custodial, permission-less, and decentralised financial services, Dorsey said in a tweet.
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
“Our primary focus is #Bitcoin. Its name is TBD,” he added.
Like its new Bitcoin hardware wallet, Dorsey said that the company would do this completely in the open.
“Open roadmap, open development, and open source. @brockm is leading and building this team, and we have some ideas around the initial platform primitives we want to build,” he informed.
Square last month said it is investing $5 million to build an open-source, solar-powered Bitcoin mining facility with blockchain technology provider Blockstream Mining.
The facility will be a proof-of-concept for a 100 per cent renewable energy Bitcoin mine at scale, with the economics of the build-out — including operational costs and ROI — made open to the public.
Dorsey has already announced making a hardware wallet for Bitcoin for the customers of its digital payments services company Square.
The hardware wallet will be built entirely in the open, from software to hardware design, and in collaboration with the community, he said in a tweet.
“Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market,” he had said.