Jack Dorsey says Square is launching a bitcoin-focused DeFi business

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Jack Dorsey says Square is launching a bitcoin-focused DeFi business
Twitter CEO Jack Dorsey speaking at CES tech conference in 2019 David Becker / Getty Images
  • 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.
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Twitter CEO Jack Dorsey announced on Thursday that Square, his payments company, would launch a decentralized finance business focused on bitcoin.

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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Square was trading at $236.96 as of 10:46 a.m. ET, slightly up so far on the day.

For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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