On Thursday, Jack Dorsey announced that his financial services company Square is creating a new business focused on “decentralized financial services” using bitcoin.
“Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services,” Dorsey tweeted. “Our primary focus is #bitcoin. Its name is TBD.”
After this announcement, Cathie Wood’s investment firm ARK Invest bought another 225,937 shares of Square worth around $53.6 million, The Street reported.