Bitcoin (BTC) Gets DeFi? Twitter and Square CEO Jack Dorsey Launch New Company »Crypto Insiders

Jack Dorsey, CEO of Twitter and payment company Square, reveals that Square is creating a new division. The department will focus on construction Decentralized Finance (DeFi) services on Bitcoin (BTC) network. The CEO announced this via Twitter on July 15:

Square is creating a new company (Join Seller, Cash App, and Tidal) focused on building an open developer platform with the sole goal of facilitating the creation of unguarded, permissionless, and decentralized financial services. Our primary focus is # bitcoin. Its name is TBD.

– Jack (@jack) July 15 2021

Dorsey reports that Square is setting up a new company to build an “open developer platform” for the “sole purpose” of facilitating “Without permission is not expensive” Create DeFi services. Dorsey adds that the primary focus is bitcoin. the name is “to be determined (To be determined later), that is, this has not yet been fixed.

Furthermore, Dorsey reports that building DeFi services, Just like Square’s recently announced Bitcoin hardware wallet, will happen completely “general”. This means a general roadmap, general development, and of course open source cipher. Mike Brock is in charge of the new department and says the following about it:

“I also believe that technology has always been a story about decentralization. From the printing press to the internet to bitcoin, technology has the ability to distribute power to the masses and unleash human potential for good, and I think 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) The network exploded. Lots of people on Twitter are asking Dorsey why he didn’t simply choose Ethereum, because DeFi is already there. Dorsey does not respond to this, however, But we know about it He is mainly interested in bitcoin only. Meanwhile, the name seems to be the topic of conversation:

Too bad dude

– Jack (@jack) July 15 2021