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Square creating bitcoin-focused biz to build financial services products: Jack Dorsey

Dorsey's new business will be led by Mike Brock, who currently heads the Strategic Development Group at Cash App

Jack Dorsey, CEO of both Square and Twitter Jack Dorsey, CEO of both Square and Twitter

San Francisco-based digital payments company Square Inc is creating a new business line to help build financial services products focused on Bitcoin, tweeted Jack Dorsey, Chief Executive Officer of both Square and Twitter.

"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 decentralised financial services. Our primary focus is #Bitcoin," Dorsey tweeted, adding that the new business doesn't have a name yet.

The new company would be building an open developer platform with the goal of making it easy to create decentralised financial services.

"Like our new #Bitcoin hardware wallet, we're going to do this completely in the open," he tweeted. "Open roadmap, open development, and open source."

Last month, he announced that Square is building a hardware wallet for cryptocurrency. In February, the company announced Bitcoin now makes up 5 per cent of its total holdings.

Dorsey's new business will be led by Mike Brock, who currently heads the Strategic Development Group at Cash App. The new business will be completely open-source like Square's previously announced hardware wallet for bitcoin.

Fintech company Square, founded in 2009 by Jack Dorsey and Jim McKelvey, has three business lines: Cash App, Square Seller products and music-streaming service Tidal.

Dorsey, who has been a huge supporter of Bitcoin, has long been interested in transforming Square into a broader organisation with a number of standalone units.

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