Square’s CEO, Twitter founder Jack Dorsey, said the firm will create a new business focused on building “an open developer platform” that will make it easier to create “non-custodial, permissionless, and decentralized financial services”
ARK Investment Management, run by star stock picker Cathie Wood, has increased its holding in payments firm () after the latter unveiled plans to begin building crypto products.
On Monday, the asset manager reportedly purchased 225.937 shares in Square after its chief executive, () boss Jack Dorsey, tweeted that the company is setting up a new business focused on building “an open developer platform” that will make it easier to create “non-custodial, permissionless, and decentralized financial services” with a primary focus on 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. Our primary focus is #Bitcoin. Its name is TBD.
— jack (@jack) July 15, 2021
Square is also creating a new Bitcoin hardware wallet, Dorsey said, to make holding the crypto more mainstream.
ARK is also a keen backer of crypto, with the company filing paperwork with US regulators last month to create a Bitcoin exchange-traded fund (ETF).
READ: Cathie Wood’s ARK Invest plans Bitcoin ETF
The group’s flagship Innovation fund also holds over US$800mln worth of shares in crypto trading platform (), making it one of the fund’s ten largest holdings.
Shares in Square were down 1.1% at US$235 in pre-market trading in New York on Monday.