Square Eyes Development Platform for Crypto Products

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Square is working on a new platform for decentralized finance (DeFi), Bloomberg reported.

CEO Jack Dorsey said in a tweet Thursday (July 15) that the company wants to make it easier to create non-custodial, unlicensed and decentralized financial services.

He said in the tweet that Squares’ new business does not yet have a name, but the main focus will be on bitcoin.

Cash App, Square Seller products, and Tidal music streaming service are Square’s three lines of business. Dorsey has been interested in creating a new type of organization that is larger and with several stand-alone units for some time, according to Bloomberg.

Dorsey, a big supporter of bitcoin over the years, said last month that Square would build a new type of hardware wallet designed for crypto, Bloomberg reported.

Like our new #Bitcoin hardware wallet, we were going to be doing it completely short, he tweeted on Thursday. Open roadmap, open and open source development.

A team of engineers are working on the hardware portfolio, PYMNTS reported. The purpose of the wallet is to store a user’s private key, which could then unlock a lock at an address and gain access to digital assets.

Dorsey also recently said that bitcoin made up 5% of its total holdings, according to Bloomberg.

Dorsey hasn’t wavered on his commitment to bitcoin. He said in May that Square will always strive to boost popular cryptocurrency, adding that bitcoin is changing everything for the better.

But he said he agreed with the idea that crypto shouldn’t be used to try to change things for a particular person or institution.

Dorsey’s remarks appeared to be in response to a comment from Square’s CFO Amrita Ahuja, who said Squares’ strategy has not changed. Ahuja was also quoted as saying that Square will stop bitcoin purchases.

At the time, the company had lost $ 20 million in bitcoin in the previous quarter.

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