Jack Dorsey's Square Announces New Fintech Company With 'Primary Focus On Bitcoin'

What Happened: Jack Dorsey has announced Square Inc SQ is working on a new open developer fintech platform.

Its main goal, according to Dorsey, is the facilitation of the creation of “non-custodial, permissionless, and decentralized financial services.”

The business is being built in collaboration with Tidal, CashApp, and Seller, with the main focus of the business on Bitcoin. 

“Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source,” Dorsey wrote.

He also promised to create GitHub and Twitter to showcase the development in real-time. 

Twitter Inc's (NYSE: TWTR) CEO went on to explain how the new platform, the name of which will be determined later, will be different from Square.

How is this different from @SqCrypto? Square doesn’t give direction to @SqCrypto, only funding. They chose to work on LDK, and are doing an incredible job! TBD will be focused on creating a platform business, and will open source our work along the way.

— jack (@jack) July 15, 2021

Price Action: Square stock closed at $235, down 1.61% and was trading at 1.06% higher at $237 after-hours.