Jack Dorsey's Square is building a bitcoin-inspired financial services business

• Jack Dorsey said Square is creating a new business inspired by bitcoin.
• It will be aimed at developers who are building financial services products, he said.
• Dorsey said its name is TBD but didn't clarify if that's the actual name.

Square is building a new business to help bitcoin developers build financial services products, CEO Jack Dorsey said Thursday.

Dorsey, who is also CEO of Twitter, said that the new business was called TBD, although he didn't clarify whether this meant he was still thinking of a name.

-jack (@jack) July 15, 2021

Square executives said in June that the company was planning to build a hardware cryptocurrency wallet and software service with the intent of making bitcoin "more mainstream."

A Twitter account for Square's new business has already been set up.

Mike Brock, who leads the Strategic Development Group at Square's payments service Cash App, will be in charge of Square's new business, Dorsey said.

Insider has reached out to Square for more information on TBD.

Square, a digital payments company based in San Francisco, has three other business lines, including Tidal, Cash App, and Square Seller.