Bitcoin trades lower as Square creates a new business based on the cryptocurrency

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Bitcoin was trading nearly 3% lower early Friday morning.

The price was around $31,470 per coin, while rivals Ethereum and Dogecoin were trading around $1,861 and 18 cents per coin, respectively, according to Coindesk.

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Square Inc. is starting a new business centered around Bitcoin.

The fintech company’s Chief Executive Officer Jack Dorsey made the announcement in a tweet on Thursday.

The focus will be on building an open developer platform with the goal of making it easy to create decentralized financial services, according to Reuters.

The business will be led by Mike Brock, who heads the Strategic Development Group at Square’s payments service Cash App.

Square had previously announced its hardware wallet for bitcoin, which can be stored offline or online at cryptocurrency exchanges.

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