Square will launch a decentralized finance (DeFi
) platform focused on Bitcoin, according to CEO Jack Dorsey. The platform is still in the very early stages of development. Sponsored Sponsored
Twitter CEO and Square co-founder Jack Dorsey announced via Twitter
that the finance platform will be launching a new decentralized finance (DeFi) business that will focus on Bitcoin. He said the open development platform will have the “sole purpose of facilitating the creation of non-statutory, permissionless and decentralized financial services.”
The company will make the entire project open source, with the code, development work and roadmap available to the public. Dorsey added that there are some ideas for the initial primitives of the platform, though it looks like the idea is still in the very early stages as it doesn’t have a name yet. The CEO even posted a meme account
as a business account for the platform. Sponsored Sponsored
. Of course, the most notable evidence is the fact that Square has already invested over $200 million in BTC.
It is far too early to tell what this platform might be and, naturally, what impact it might have on the market. However, the entry of DeFi, which remains the foundation of the market, could expose the market to many people for whom Square’s services are intuitive.
The DeFi sector remains somewhat unclear to those who have little experience with the market, though teams are working on it. Square has enabled many non-technical people to start investing in the market and they may be able to achieve a similar effect with DeFi.
Dorsey and Square are doubling down on Bitcoin
Square has done exceptionally well since it started offering Bitcoin services. The bitcoin sales service became the biggest revenue generator for its Cash App last year, and perhaps the move to DeFi is just a natural extension of that demand and success. This is just one of many related services Square is working on.
The company also announced last week that it is working on a hardware wallet aimed at making owning Bitcoin more mainstream. This wallet will have optimized recovery mechanisms and will also be completely open. Square will also make ur friendliness a priority in its development
Dorsey also noted both the economic and environmental costs of Bitcoin mining and has taken steps to support the use of renewable energy. He believes the cryptocurrency will eventually be powered by clean energy, and Square has invested millions in a solar-powered factory to that end.
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