Jack Dorsey is launching a new Bitcoin-focused startup.
Jack Dorsey, CEO of twitter, announced that he will be launching a new company through his company Square. It focused on building an open developer platform to make it easier to build unattended thanks to permissionless and decentralized financial services. In his post on the social media platform Twitter, Dorsey stated that the focus of the new project, which will be developed in partnership with Cash App, Seller and Tidal, will be 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.
The new venture stands out as the latest Bitcoin-focused project led by Dorsey. In recent months, Dorsey has outlined its plans to develop an open source hardware wallet. Moreover, the CEO frequently mentions that Bitcoin is playing an increasingly important role in Square’s financial standing through its cash app.
During an event last month, Dorsey even expressed his belief that Bitcoin should eventually become the local currency of the internet. It positioned Square’s increased use of technology as part of that goal.
Emphasis on Open Source
It was stated that the new initiative, launched by Dorsey, will be led by Mike Brock, who currently serves as the strategic development leader. Therefore the project will be open source, Dorsey made the following statements:
“Like our new Bitcoin hardware wallet, we will do this in full openness. Our goal will be open roadmap, open development and open source.”
Stating that they will create Twitter and GitHub accounts soon, Dorsey stated that more detailed information about the new initiative will be announced from these accounts.