Square CEO and tech mogul Jack Dorsey says that the payments company is establishing a new business that aims to create decentralized finance (DeFi) services focused on Bitcoin.
Although most DeFi applications are built on the Ethereum blockchain, Dorsey says that Square plans to bring Bitcoin to the emerging crypto subsector.
“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 [to be determined].”
The billionaire says that the project will be transparent and open-sourced. He also explains how the new business will differ from the mobile payment company Square.
“How is this different from Square? Square doesn’t give direction to Square Crypto, only funding. They chose to work on [lightning development kit], and are doing an incredible job! TBD will be focused on creating a platform business, and will open source our work along the way.”
The announcement comes amid a booming decentralized finance industry. Figures from decentralized finance tracking platform DeFiPulse show that the total value locked in DeFi protocols has soared from just $4 billion in July last year to $54.56 billion.
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