Twitter CEO announces new Bitcoin based business named TBD for Square

Twitter CEO Jack Dorsey announced the creation of a new business that will focus on creating an open platform for developers for Bitcoin in Square, his financial payments company.

The new business is called ‘TBD’ and joins existing payment services like Seller, Cash App, Tidal. It was created ‘with only the goal of making it simple to create non-custodial permission-less and decentralised financial service, Dorsey stated in a tweet.

He said that # Bitcoin is our primary focus. Its title is TBD.

Doresy stated that the company will do this in open, just like the Bitcoinhardware vault.

Open roadmap, open development, open source. @brockm is the leader and builder of this team. We have some ideas about the initial platform primitives that we want to create,’ he stated.

Square announced last month that it will invest $5 million in a solar-powered, open-source Bitcoin mining facility. It is partnering with Blockstream Mining to provide blockchain technology.

This facility will serve as a proof of concept for a 100% renewable energy Bitcoin mine at large scale. The public can also see the economics of its build-out, including the ROI and operational costs.

Dorsey already indicated that it will be looking into making a hardware Bitcoin wallet for customers of Square, its digital payments company.

He stated in a tweet that the hardware wallet would be built entirely in the open software and hardware design process, in collaboration with the community.

“Bitcoin is open source for all.” He stated that it was important for us to create an inclusive product that offers a non-custodial solution on the global market.