Square (NYSE:SQ) founder and CEO Jack Dorsey revealed a new business line for the company focused on Bitcoin. Dorsey announced the “open developer platform” via his other company Twitter.
Dorsey said the goal is to make it easy to create “non-custodial, permissionless, and decentralized financial services” all open source.
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 said that a Twitter account along with a Github location will be set up soon. He said the new business is different from SquareCrypto as Square doesn’t give direction to @SqCrypto, only funding.
Shares in Square jumped slightly in after-hours trading. Crypto Twitter quickly celebrated the news.
Jack Dorsey just announced Square is creating a new company.
They will be “building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”
Bitcoin is the main focus. What a legend. pic.twitter.com/fXCW1pkoK5
— Pomp 🌪 (@APompliano) July 15, 2021
