Nuts: Twitter Inventor About To Launch His Next Project, Code-named Squirrel

Almost immediately following Twitter coming back from a planned downtime this afternoon, co-founder and current Chairman Jack Dorsey sent out a tweet letting his followers know that he was, “Getting ready to embark on something new and entirely different. Excited!” Dorsey is getting ready to launch his next startup, he’s confirmed to us. As the guy who actually invented Twitter, this is notable.

Though Dorsey declined to comment on what his new startup is right now, we hear from a source knowledgeable about the new company that it’s code-named Squirrel. Here’s what else we know so far: It’s a service that allows anyone with an iPhone to become a merchant. Just like the wireless credit card swipers you see at certain shops and restaurants, you can carry around your iPhone and take payments. Apparently, the idea is that this will allow any individual to take credit card payments on a mobile device, kind of like what PayPal does for the web.

Read more: techcrunch.com