Square is creating a new business unit focusing on cryptocurrencies, long a fascination of CEO Jack Dorsey. The goal is to build a developer platform making it "easy to create non-custodial, permissionless, and decentralized financial services," Dorsey said in a tweet.
The bitcoin-focused unit, as yet unnamed, will be its own unit like the original Seller business Square is best known for, Cash App and Tidal, Dorsey said. It will separate from Square's existing crypto efforts.
The unit's products will be open source and developed in the open, he added, like its bitcoin hardware wallet.