The Twitter CEO said Square’s new business would make it easier to create decentralized financial services for Bitcoin.
Twitter and Square CEO Jack Dorsey, revealed last night on Twitter Square’s plans for a new activity. It will be an open development platform focused on Bitcoin, the purpose of which is to facilitate the creation of decentralized, unauthorized and custodial financial services. The name of the new project has not yet been chosen.
The Twitter CEO has long been a supporter of Bitcoin, making #bitcoin his Twitter bio. He presented the original cryptocurrency as a path to a fairer economy at the Bitcoin 2021 conference in Miami. Square already holds Bitcoins on its balance sheet, and Dorsey is rumored to be considering adding them to Twitter’s.
Dorsey’s company Square provides financial and digital payments services, while its Cash app allows users to invest in stocks and Bitcoins. In fact, the Square Cash App generated $ 3.51 billion in the first quarter of 2021.
« How is this different from @ SqCrypto ? Dorsey tweeted last night. “Square does not give direction to @ SqCrypto, only funding. They chose to work on LDK [Lightning Development Kit], and do an amazing job ! TBD [la nouvelle entreprise sans nom] will focus on creating a platform business, and will open up our work along the way. »
Last week, Square also confirmed plans to build a hardware wallet to bring Bitcoin into the mainstream. Dorsey first proposed the wallet in a Twitter feed in June, suggesting that it should be in “assisted self-detention”, mobile-friendly, support layer 2 and integrate with Cash App.
Square Hardware Manager Jesse Dorogusker, confirmed the development of the wallet a month later, setting the goals of the product as follows : ” Bitcoin first, global distribution, multisig to achieve “assisted self-holding” and prioritize mobile use ».
The development of Square’s new Bitcoin financial services platform will follow a similar approach. As Dorsey explained, ” Like our new hardware wallet # Bitcoin, we will do it in a totally open way. Open roadmap, open and open-source development. »
The team behind the new platform will be built and led by Mike Brock, an experienced software engineer and Square’s head of strategic development, who was responsible for developing Square’s instant settlement capabilities and its Bitcoin product.
Dorsey ended by saying that more information about the project would be given soon, including the new company’s Twitter and GitHub accounts.