Square to Create New Bitcoin Platform for Financial Services

Chief Executive Officer of Twitter / Square INC, Jack Dorsey said in a tweet on Thursday, that his Payments services company Square will open a new business focused on creating an “open developer platform” to make it easier to provide non-custodial, decentralized financial services.

"Its new business name is TBD," Dorsey tweeted but did not elaborate if the name was to be determined or if it was going to be named "TBD".

The business will be led by Mike Brock, would feature “open roadmap, open development, and open-source,” Mike Brock heads the Strategic Development Group at Square's payments service Cash App.

Dorsey said the company would be establishing Twitter and GitHub accounts to provide updates on the project.

The new division will differ from Square Crypto in that Square will provide direction as well as funding for its work, Dorsey tweeted. Square Crypto is working on the Lightning Development Kit.

This will be completely open-source like Square's previously announced hardware wallet for bitcoin, which can be stored offline or online at cryptocurrency exchanges.