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 that tweet with a thread explaining that, like Square’s new Bitcoin hardware wallet, the developments will be completely open-source.
“Like our new #Bitcoin hardware wallet, we’re going to 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.”
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The new business will combine the efforts of CashApp, Seller and Tidal in the same goal of decentralized financial services.
Recently Dorsey has shown great interest in Bitcoin. Dorsey stated that he would even leave Square or Twitter should its development become more vital during the Bitcoin 2021 conference.
“Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on,” said Dorsey
“If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”
Since then Dorsey has taken further steps into the Bitcoin space. He first announced an event called The B Word geared at demystifying mainstream narratives surrounding Bitcoin. Then Square’s hardware lead, Jesse Dorogusker, announced the development of a new hardware wallet, stating the goal of making Bitcoin custody more mainstream.
With Dorsey’s continued engagement and interest in developing tools for Bitcoin, he has emerged as one of the cryptocurrency’s largest advocates.