Jack Dorsey, CEO of Twitter and payment company Square, reveals that Square is establishing a new division. The department will focus on building decentralized finance (DeFi) services on the Bitcoin (BTC) network. The CEO announced this via Twitter on July 15:
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
— jack (@jack) July 15, 2021
Dorsey reports that Square is forming a new company to build an “open developer platform” with the “sole purpose” of making it easy to “non-costudial permissionless” Create DeFi services. The primary focus is bitcoin, Dorsey adds. The name is “to be determined (TBD), ie this is not yet fixed.
Furthermore, Dorsey reports that building the DeFi services, just like Square’s recently announced bitcoin hardware wallet, completely “public” will happen. That means a public roadmap, public development and of course open-source code. Mike Brock takes charge of the new department and says the following about it:
“I also believe that technology has always been a story of decentralization. From the printing press to the internet to bitcoin, technology has the power to redistribute power to the masses and unleash human potential for good, and I believe this is the next step.”
DeFi is an umbrella term for a series of new decentralized financial applications that were launched last year Ethereum (ETH) network exploded. So many people on Twitter are asking Dorsey why he doesn’t simply choose Ethereum, since DeFi already exists there. Dorsey does not respond to this, however, but we know about him that he is mainly only interested in Bitcoin. Meanwhile, especially the name seems to be the topic of conversation:
Too Bad Dude
— jack (@jack) July 15, 2021
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