SQ Stock: 10 Things We Know About Square’s New Bitcoin-Based Business

Square (NYSE:SQ) stock is getting a boost today from the payment company’s plans to open a Bitcoin (CCC:BTC-USD) based business.

Image of Square (SQ) logo on a mobile phone

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Here’s everything we know so far about Square’s Bitcoin business plans.

  1. The news was revealed by CEO Jack Dorsey via a series of Tweets.
  2. According to the CEO, the goal is to create a platform that joins Seller, Cash App, and Tidal.
  3. He says that this platform will be open source to allow developers to take part in the community.
  4. This will have the new platform making it easy to ‘create non-custodial, permissionless, and decentralized financial services.”
  5. The platform will focus on Bitcoin and is called TBD.
  6. Dorsey is promising that development for the platform will be completely open.
  7. He also says that this will be different from Square Crypto.
  8. Square doesn’t tell that division what to focus on and instead simply funds it.
  9. Square has already set up a Twitter (NYSE:TWTR) account for users to following TBD at this link.
  10. He’s also promising that the company will make GitHub accounts and post their work there as well.

Here’s what Dorsey had to say about the crypto news bumping SQ stock higher today.

“Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. @brockmis leading and building this team, and we have some ideas around the initial platform primitives we want to build.”

SQ stock was up 1.5% as of Friday afternoon.

Investors looking for more recent crypto news will want to stick around.

InvestorPlace has all the latest crypto news worth looking into today. That includes what’s happening with Ripple (CCC:XRP-USD), Dogecoin (CCC:DOGE-USD), and Ankr (CCC:ANKR-USD) on Friday. You can learn all about these topics by checking the links below!

More Friday Crypto News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2021/07/sq-stock-10-things-we-know-about-squares-new-bitcoin-based-business/.

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