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Square to build new Bitcoin business for developers of financial services

CEO Jack Dorsey, a Bitcoin proponent, is putting more effort behind the cryptocurrency.

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Square wants to play a bigger role in the Bitcoin cryptocurrency.

Getty Images

Digital payments company Square will create a new business focused on the Bitcoin cryptocurrency to help developers design decentralized financial products, CEO Jack Dorsey said in a series of tweets on Thursday.

The business will build "an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services," Dorsey said. The new business hasn't been named yet, said Dorsey, who also runs Twitter.

Square currently has three business arms: Seller, Cash App and Tidal, a music streaming service in which Square owns a majority stake

Dorsey's ambition to expand Square's businesses further into cryptocurrency is hardly a surprise. The Twitter boss has been an enthusiastic supporter of bitcoin, launching his own node to record transactions on the Bitcoin blockchain earlier this year. Earlier this month, Dorsey said Square would build its own Bitcoin hardware wallet for storing the cryptocurrency.

Dorsey and pal Jay-Z, the rapper who owned a majority of Tidal, formed the $24 million Btrust endowment earlier this year to "make Bitcoin the internet's currency."