Square is building a new business to help bitcoin developers build financial services products, CEO Jack Dorsey said Thursday.
Dorsey, who is also CEO of Twitter, said that the new business was called TBD, although he didn't clarify whether this meant he was still thinking of a name.
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
Square executives said in June that the company was planning to build a hardware cryptocurrency wallet and software service with the intent of making bitcoin "more mainstream."
A Twitter account for Square's new business has already been set up.
Mike Brock, who leads the Strategic Development Group at Square's payments service Cash App, will be in charge of Square's new business, Dorsey said.
Insider has reached out to Square for more information on TBD.
Square, a digital payments company based in San Francisco, has three other business lines, including Tidal, Cash App, and Square Seller.
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