Jack Dorsey says Square is launching a bitcoin-focused DeFi business
- Twitter CEO Jack Dorsey announced on Thursday that Square would launch a decentralized finance business focused on bitcoin.
- In his tweet, Dorsey promised the project would be fully open in terms of strategic planning and day-to-day development.
- DeFi has seen an explosion in interest of late, with hundreds of projects being launched.
The announcement came via tweet, in which Dorsey said Square would start building an as-of-yet unnamed "open developer platform." The project, led by a strategic director at Square's Cash App, will enable "non-custodial, permissionless, and decentralized financial services" for bitcoin, said Dorsey.
In his tweet, Dorsey promised the project would be fully open, both in terms of strategic planning and day-to-day development. The announcement comes a week after Square committed to building a bitcoin hardware wallet, letting users take ownership of their crypto-tokens without a third-party custodian.
Decentralized finance, or DeFi, has seen an explosion in interest of late, with hundreds of projects being launched. But most attention has been paid to ethereum-based applications like Uniswap and Maker.
Square's entry is likely to give a boost to bitcoin DeFi, an emerging space that is set to benefit from an upcoming protocol update. There are currently 26 active bitcoin DeFi projects, according to DeFi Prime.
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