Square’s new Bitcoin business unit is TBD

Technology

Jack Dorsey, CEO of both Twitter and Square, is enough of a fan of cryptocurrency that Square’s push into the area won’t stop at releasing a hardware wallet. Instead, the company is creating a new business, to go with existing units like Tidal and Cash App, which is “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”

What does that mean exactly? Is the new business called TBD, or is the name “to be determined” at a later date? In the words of at least one editor of The Verge, “I absolutely do not know what he is talking about.” When contacted by The Verge, a spokesperson for Square declined to comment.

What we do know comes mostly from the unit’s new leader Mike Brock, who confidently tweeted out several names of TBD’s founding team, and says he’s “super excited to return to the world of open source.” Further updates on exactly what TBD is doing should come via Twitter and GitHub accounts. But exactly when those updates might arrive is, well, TBD.