TBD, a company founded by Jack Dorsey to build Blockchain-based financial services, announced the release of Web5, a new software platform today.
The company is a subsidiary of Block Inc., a publicly traded payment processing company that Dorsey co-founded in 2009 and now oversees as CEO. Block, which was previously known as Square Inc., has shifted its focus to the cryptocurrency sector in recent years. In a tweet announcing TBD’s inception last year, Dorsey noted that the company is striving to “build non-custodial, permission less, and decentralized financial services.”
According to Dorsey, the venture’s work will be focused on bitcoin in particular. In recent years, Block, the payment processing service of which TBD is a part, has increased its focus on the cryptocurrency ecosystem.