For his financial payments startup, Square, Twitter CEO Jack Dorsey has announced a new company to develop an open developer platform for Bitcoin.
TBD, the new company
The new company, dubbed ‘TBD,’ will join current payment systems such as Seller, Cash App, and Tidal. According to Dorse, its purpose is “making it easier to develop non-custodial, permission-less, and decentralised financial services.”
“Our primary focus is #Bitcoin. Its name is TBD.”
Additionally, Dorsey stated that the business would do everything in the open similar to its new Bitcoin hardware wallet.
Square to Invest $5M
Square announced last month that it would invest $5 million with blockchain technology company Blockstream Mining. Therefore, to create an open-source, solar-powered Bitcoin mining operation.
The facility will serve as a proof-of-concept for a large-scale Bitcoin mine powered entirely by renewable energy with the construction expenses, including running costs and return on investment, made public.
“Bitcoin is for everyone.”
Meanwhile, Dorsey states that he is considering developing a hardware wallet for Bitcoin for users of his Square digital payments firm.
In a tweet, he stated that the hardware wallet would be built entirely in the open. Therefore, all the way from software to hardware design and in partnership with the community.
“Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market.”