Square is breaking new ground in the business of helping developers build bitcoin-centric financial services products, according to tweets from its CEO, Jack Dorsey.
Dorsey said in a tweet Thursday that his company “is building an open platform for developers with the sole aim of facilitating the creation of non-custodial, permissionless, and non-centralized financial services.” He added that the new company, which focuses mainly on the “Bitcoin” currency, does not have a name yet. A company spokeswoman declined to provide further details.
The San Francisco-based digital payments company has three lines of business: the cash app, SquareSeller products and the music streaming service Tidal, which it acquired earlier this year. Dorsey has long been interested in transforming Square into a broader organization with a number of stand-alone units.
Dorsey has also been a huge supporter of Bitcoin over the years, and announced last month that Square was building an electronic cryptocurrency wallet. The company also announced in February that Bitcoin now accounts for 5% of its assets.