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

Published by Business Insider on Fri, 16 Jul 2021


<p><img src="https://static5.businessinsider.com/image/60f19c7b7b0ec5001800a6e3-2400/Jack Dorsey - David Becker:Getty Images.jpg" border="0" alt="Jack Dorsey" data-mce-source="David Becker / Getty Images" data-mce-caption="Twitter CEO Jack Dorsey speaking at CES tech conference in 2019"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Twitter CEO Jack Dorsey announced on Thursday that Square, his payments company, would launch a decentralized finance business focused on <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>.</p><p>The announcement came via <a href="https://twitter.com/jack/status/1415765941904941061">tweet</a>, 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.</p><p>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 <a href="https://twitter.com/JesseDorogusker/status/1413222597207134214">committed</a> to building a bitcoin hardware wallet, letting users take ownership of their crypto-tokens without a third-party custodian.</p><p>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 <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a>-based applications like Uniswap and Maker.&nbsp;</p><p>Square's entry is likely to give a boost to bitcoin DeFi, an emerging space that is set to benefit from an <a href="https://www.cnbc.com/2021/06/12/bitcoin-taproot-upgrade-what-it-means.html">upcoming protocol update</a>. There are currently 26 active bitcoin DeFi projects, according to <a href="https://defiprime.com/bitcoin">DeFi Prime</a>.</p><p>Square was trading at $236.96 as of 10:46 a.m. ET, slightly up so far on the day.</p><p><a href="https://markets.businessinsider.com/news/cryptocurrencies/bitcoin-jack-dorsey-defi-square-twitter-crypto-decentralized-finance-2021-07#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/mount-everest-death-zone-first-hand-account-2017-9">What it's like in the death zone of Everest, K2, and other mountains</a></p>
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