Jack Dorsey, CEO of Square has announced the company’s new business-TBD. The announcement comes after a tumultuous year for the payments company which saw its stock drop by 60% in 2018.
Jack Dorsey, the founder of Twitter and CEO of Square, announced his new company’s name. Square’s New Business is a company that will focus on creating a global payment platform for businesses.
Aside from being the CEO of Twitter, Jack Dorsey also controls Square Inc, a company that is entirely focused on financial services and far more sophisticated digital payments, among other things. With the recent releases of its Bitcoin hardware wallets, his Square Inc has done very well. Square Inc is also planning to provide decentralized financing (DeFi) based on Bitcoin (BTC).
Announcement by Jack Dorsey
Since its inception in 2009, Square Inc has shown its worth. It became a public liability corporation in 2015 as a result of its continued expansion. In the middle of all of this, Square Inc. intends to grow its company even further by offering full Decentralized Finance (DeFi) services for Bitcoin (BTC).
Square Inc.’s new subsidiary, according to Jack Dorsey, would concentrate exclusively on all full DeFi-based services based solely on Bitcoin (BTC). Square Inc will also make this platform accessible to all non-custodial and permissionless DeFi providers.
On Friday, Dorsey announced the news in a post on his official Twitter profile.
Square is launching a new company (adding Seller, Cash App, and Tidal) with the express purpose of providing an open developer platform that makes it simple to construct non-custodial, permissionless, and decentralized financial services. #Bitcoin is our main focus. TBD is the name of the creature.
15 July 2021 — jack (@jack)
Dorsey says in his article that the new endeavor company would integrate all of Square Inc’s other offerings together. As a result, Seller, Cash App, and Tidal will be merged into a single platform.
In addition, the name of this new platform will be ‘TBD.’ Dorsey also states that the TBD, like their Bitcoin hard wallet, would be fully open and transparent.
Dorsey, on the other hand, says that everything about TBD will be open, including its road map, development, and sourcing.
TBD’s Team and Their Points of View
Mike Brock, according to Dorsey, will be in charge of the team and TDM. Mike Brock is the brains behind the Cash App app. His ability to incorporate Bitcoin into the program was also a promising step.
Mike Brock also has a lengthy history with Red Hat Inc, an international Enterprise solutions supplier, in successfully completing open-source projects.
Mike Brock responded to Dorsey’s Tweet by saying he’s pleased to be the team’s leader. He also showed the whole squad, which consisted of four people, tagging them in the tweet.
Square Inc is aiming for the DeFi industry, which is dominated by Ethereum blockchains.
Furthermore, no smart contracts are covered by Bitcoin. TBD’s thoughts on adding and providing additional capabilities and DeFi services in order to allow Bitcoin smart contracts.
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Jack Dorsey, the CEO of Square Inc., has announced that Square’s new business is TBD. The company will continue to focus on expanding its global footprint and exploring new opportunities in payments, financial services, and digital currency. Reference: jack dorsey square bitcoin.
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