Twitter co-founder Jack Dorsey is wasting no time keeping his entrepreneurial endeavors going. Dorsey is launching a new project, code-named Squirrel, TechCrunch reports.
Dorsey isn't spilling many details about his new startup, but as the Twitter executive who was the brainchild behind the microblogging service, many analysts are eager for information. Squirrel is a service that will enable iPhone users to complete credit card transactions on their device, TechCrunch reports.
The general plan is to allow individuals to process credit card payments on a mobile device. It's unclear what user base Dorsey might be targeting with the new service.
Squirrel is said to be both a physical device add-on to the iPhone as well as an iPhone application, TechCrunch adds. Remarkably, the actual product (which comes in the shape of an acorn, thus the code name) derives its power from the physical swiping of the credit card and requires no external power from the iPhone.
Dorsey smartly dispelled any fears about him leaving Twitter, telling TechCrunch he has no plans to leave anytime soon. He announced his new venture via Twitter, after all. "I'll never leave Twitter, it's my life's work and baby, and I'll always be a major part of the endeavor, strategically and operationally. But, I do have some other ideas I'm pursuing and yes, we're going to launch soon," he told TechCrunch.
