Bitcoin traded lower for a second day on Friday, eying the $30,000 mark and heading for its lowest weekly close in more than a month. Meanwhile, Square (SQ) - Get Report CEO Jack Dorsey revealed plans to launch a new business line that will help developers build financial services and products backed by the digital currency.
Bitcoin was down 3.56% at $31,381 after posting its biggest drop in more than 10 days on Thursday amid a broader downdraft that has seen both retail and institutional interest in the world’s biggest cryptocurrency wane.
A lower Friday close would mark the steepest weekly selloff since June 14. Bitcoin touched an all-time high of nearly $65,000 in mid-April. At last check, it was down 0.17% at $31,818.
The lackluster activity came as Square founder and CEO Jack Dorsey announced the creation of a new Square division dedicated to building decentralized financial services using Bitcoin.
In a tweet, the billionaire co-founder of Twitter (TWTR) - Get Report said Square would build out a new division focused on an open-source platform that will allow businesses to create financial services products and services using Bitcoin as the foundation.
The new business will combine the efforts of CashApp, Seller and Tidal in the same goal of decentralized financial services.
Dorsey followed that tweet with a thread explaining that, like Square's new Bitcoin hardware wallet, the developments will be completely open-source.
"Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. @brockm is leading and building this team, and we have some ideas around the initial platform primitives we want to build," Dorsey said.
The eccentric billionaire recently stated that he would leave Square or Twitter should its development become more vital.
“Bitcoin changes absolutely everything. I don’t think there is anything more important in my lifetime to work on," Dorsey said at a recent Bitcoin conference.
“If I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”