Square to Build a New Open Developer Platform Focusing on Bitcoin

Jack Dorsey, CEO of American financial services and digital payments company Square, announced on Twitter Friday that Square is actively creating a new non-custodial, permissionless, and decentralized financial services business platform, mainly focusing on bitcoin, the mainstream virtual currency.

This new business will build an open developer platform, similar to its development tool service provider Seller, payment application Cash App, and streaming media service provider Tidal.

“Its name is TBD.” Dorsey tweeted and confirmed the new name.

Before confirming the name of the current business as “TBD”, the new project’s name aroused heated discussions among netizens. Some netizens pointed out that “TBD” means To Be Decentralized.

Jack Dorsey said that the new business will be completely open, transparent to the public, including its Open roadmap, open development, and open source.

Mike Brock will be responsible for this project, and square will create a new Twitter and GitHub account and update this thread so that the public can access the latest news.

Jack Dorsey explained that this new department is different from Square Crypto. Founded in 2009, Square Crypto is a cryptocurrency payment solution developed by the Square Digital Payment Group specifically for merchants and consumers on the Lightning development kit. Square will only provide financial assistance.

Digital payment company is building an “assisted custodial” bitcoin hardware wallet. The founder and CEO, Jack Dorsey and head of hardware lead Jesse Dorogusker confirmed on Twitter.

This non-custodial hardware Bitcoin wallet would give users greater control over digital currencies they own.
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