Twitter CEO, Jack Dorsey has revealed that his fintech company, Square is building a new unit that is focused on creating and implementing decentralized finance (DeFi) services on the Bitcoin network.
Jack Dorsey announced via Twitter earlier on Friday stating, “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 TBD.”
He also added, “Like our new #Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. @brockm is leading and building this team and we have some ideas around the initial platform primitives we want to build.”
The DeFi industry has grown to be one of the biggest industries in the cryptocurrency market as Total Value Locked (TVL) across all DeFi platforms has skyrocketed to approximately $110 billion from $2 billion (a 5,400% growth comparing the current TVL to what it was a year ago in July).
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