Square is building an open developer platform for decentralized financial services

Square had announced it is building a hardware wallet earlier this month, more recently, according to the CEO Jack Dorsey, Square is now building a bitcoin-focused open developers platform.

According to tweets from Square CEO Jack Dorsey, the company is launching a new business line to assist developers in developing Bitcoin-focused financial services applications.

Square is “building an open developer platform with the sole objective of making it easy to create non-custodial, permissionless, and decentralized financial services,” according to a tweet from Square CEO Jack Dorsey on Thursday.

He stated, “Our primary emphasis is #Bitcoin.” A corporate spokeswoman declined to provide any additional information.

Cash App, Square Seller goods, and the music-streaming service Tidal, which it bought earlier this year, are the three business lines of the San Francisco-based digital payments startup. Dorsey has long wanted to expand Square into a larger company with a lot of independent divisions.

Dorsey has also long been a proponent of Bitcoin, announcing last month that Square is developing a hardware wallet for the cryptocurrency. In February, the corporation also reported that Bitcoin currently accounts for 5% of its assets.

He tweeted on Thursday, “Like our new #Bitcoin hardware wallet, we're going to do this totally in the open.” “An open roadmap, an open development process, and an open-source project.”