Square To Create New Bitcoin-Focused Business

FILE PHOTO: A Bitcoin (virtual currency) logo is pictured on a door in an illustration picture taken at La Maison du Bitcoin in Paris May 27, 2015. REUTERS/Benoit Tessier

Fintech company Square Inc is creating a new business focused on bitcoin, Chief Executive Officer Jack Dorsey said in a tweet on Thursday.

The new company will focus on building an open developer platform with the goal of making it easy to create 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, who heads the Strategic Development Group at Square’s payments service Cash App.

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.

Reporting by Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra Eluri; Reuters


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