The Twitter CEO said Square’s new business would make it easy to create decentralized financial services for Bitcoin
Twitter and Square CEO Jack Dorsey revealed Square’s plans for a new store on Twitter last night. It will be a Bitcoin-focused open developer platform with the aim of making it easier to easily create financial services that are decentralized, license-free and without custody. A name for the new project has not yet been determined.
The Twitter CEO has long been a supporter of Bitcoin and is making #bitcoin his Twitter bio. At the Bitcoin conference in Miami in 2021, he promoted the original cryptocurrency as a path to a fairer economy. Square already has Bitcoin on its balance sheet, and Dorsey has been rumored to be considering adding it to Twitter as well.
Dorsey’s Square offers financial and digital payment services, while the Cash app allows users to invest in stocks and bitcoin. In fact, the Square Cash app generated $ 3.51 billion in Bitcoin sales in the first quarter of 2021.
“How is that different from @SqCrypto? ”Dorsey tweeted last night. “Square doesn’t give @SqCrypto any direction, just the funding. They chose LDK [Lightning Development Kit], and do an amazing job! still open [the new, unnamed business] will focus on creating a platform business and will open up our work as open source in this way.”
Last week, Square also confirmed plans to build a hardware wallet to bring Bitcoin to the mainstream. Dorsey first proposed the wallet on a Twitter thread in June, suggesting that it should support “assisted self-custody”, mobile-friendly, layer 2 and integrate it into the cash app.
Square’s hardware lead, Jesse Dorogusker, confirmed the development of the wallet a month later and set the goals of the product as “Bitcoin first, worldwide distribution, multisig to achieve “assisted self-custody” and prioritization of mobile use. “
The development of Square’s new Bitcoin financial services platform will take a similar approach. As Dorsey explained: “As with our new #Bitcoin hardware wallet, we will do this completely openly. Open roadmap, open development and open source. “
The team behind the new platform will be built and led by Mike Brock, an experienced software engineer and Square Strategic Development Lead who was responsible for developing the instant settlement capabilities of Square and its Bitcoin product.
Dorsey concluded that more information about the project would be revealed soon, including Twitter and GitHub accounts for the new company.