Payments services company Square has announced plans to create a new business focused on making an “open developer platform” in order to provide non-custodial, decentralised financial services.
The company’s CEO Jack Dorsey tweeted:
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
“Open roadmap, open development, and open-source,” he said.
Dorsey added that Strategic Development Lead Mike Brock will act as a leader of the team that will combine the efforts of CashApp, Seller and Tidal in the same goal of decentralised financial services.
“Bitcoin changes absolutely everything,” he gushed.
“I don’t think there is anything more important in my lifetime to work on. 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.”
Square lost $20 million on Bitcoin in previous quarter
The decision to enter the crypto hardware sector came after the company announced it had generated $5.06 billion in overall revenue in the first quarter of this year. Approximately $3.51 billion of that revenue was attributed to Bitcoin.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.