Square Plans to Introduce a New Bitcoin-focused Platform?

7:24 am, Fri, 16 July 21

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Square is a financial services and digital payments company in the USA. It is one of the top companies in the country that holds Bitcoin and has been an open supporter of the flagship digital asset.

The San Francisco-based company is now planning to introduce a new “open developer platform” that will be focused on Bitcoin. The name of the platform is yet to be decided.

Jack Dorsey, the CEO of Square, shared the news on Twitter.

Bitcoin enthusiasts are intrigued by this new initiative and are now waiting to see how it affects the top crypto asset.

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What to Know About Square’s New Platform?

As mentioned above, Square plans to build a new platform that will be focused on the flagship digital currency. Providing decentralized financial and non-custodial services will become easier, thanks to the “open developer platform”.

According to Dorsey’s tweets shared above, this initiative will be led by Mike Brock. Jack Dorsey has also stated that everything will be completely in the open, including the roadmap and development of the new platform.

Mike Brock is the head of Square’s strategic development group and also shared some tweets a few hours ago.

Brock has also stated,

Technology has the power to distribute power to the masses and unleash human potential for good, and I’m convinced this is the next step.”

According to Dorsey, this new division will be different from Square Crypto and will have Twitter and Github accounts. These accounts will be used to provide updates on the project to the public.

The financial services company also announced its plans to introduce a hardware wallet for BTC. This wallet will make it “more mainstream” to own the digital asset. Similar to the hardware wallet, Jack Dorsey also plans to openly develop the new BTC focused platform.

Is this Good News for the Top Crypto Asset?

Bitcoin is the largest digital currency in the market and many globally famous companies have invested in it. Square is one of the companies that holds Bitcoin on its books, which is 8,027 BTC in total.

Square CEO, Jack Dorsey, has also been quite vocal on his opinions in favor of the cryptocurrency. Now his plans to develop a new business that is focused on Bitcoin has intrigued many enthusiasts.

Therefore, this can be seen as good news as it can add value to the popular crypto asset. However, how it really affects Bitcoin will be seen more clearly once the new Square platform is up and running.

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