Square CEO, Jack Dorsey, has issued a notice to the public revealing Square’s new business arm that prioritizes building decentralized finance (DeFi) services with Bitcoin.
Jack Dorsey announced the release of a new arm for Square dubbed “TBD”. He also pointed out that the new arm will be committed to designing decentralized financial services by leveraging 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.
— jack (@jack) July 15, 2021
Jack followed up on this tweet with a comment explaining that, like Square’s new Bitcoin hardware wallet, the developments will be fully open source.
He explained through the tweet that TBD will entirely be open, just like their newly released #Bitcoin hardware wallet. The initiative is an “open roadmap, open development, and open-source,” additionally indicating the role of Mike Brock who has been appointed to “lead and build” this team.
It’s important to note that Mike Brock has experience in the role from previously leading a development team that focused on connecting Bitcoin features for Cash App about three years ago. He’s also experienced with open-source projects from working with Red Hat Inc., an open-source solutions provider. He revealed other members of the founding team and the excitement for his new role:
On a personal note, I just want to say that I am super excited to return to the world of open source. I cut my professional teeth in open source at @RedHat and excited to prove to the world (again) that great businesses can be built atop of free and open software.
— Mike Brock (@brockm) July 15, 2021
Jack Dorsey’s Commitment Towards Bitcoin
In recent times, Jack Dorsey has emphasized his commitment, and interest in Bitcoin. At the Bitcoin 2021 event, he openly admitted that he’s willing to shift his focus from Square or Twitter for the good, and the development of the cryptocurrency.
Quoting Dorsey: “Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on.”
“If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play,” he added.
Afterward, Jack Dorsey took concrete measures towards Bitcoin, revealing plans for an occasion titled “The B Word” meant to analyze Bitcoin’s mainstream report. Thereafter, Hardware Lead at Square, Jesse Dorogusker, revealed the creation of an improved hardware wallet. Dorogusker pointed out that the aim was to ensure Bitcoin custody becomes more mainstream.
As of the time of publication, Bitcoin’s price was $31,813.78 with a 24-hour trading volume of $17,375,623,879. BTC price also increased by 0.7% over the last 24 hours.
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