Square CEO and tech mogul Jack Dorsey says that the payments company is establishing a new business that aims to create decentralized finance (DeFi) services focused on Bitcoin.

Although most DeFi applications are built on the Ethereum blockchain, Dorsey says that Square plans to bring Bitcoin to the emerging crypto subsector.



“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 [to be determined].”

The billionaire says that the project will be transparent and open-sourced. He also explains how the new business will differ from the mobile payment company Square.

“How is this different from Square? Square doesn’t give direction to Square Crypto, only funding. They chose to work on [lightning development kit], and are doing an incredible job! TBD will be focused on creating a platform business, and will open source our work along the way.”

The announcement comes amid a booming decentralized finance industry. Figures from decentralized finance tracking platform DeFiPulse show that the total value locked in DeFi protocols has soared from just $4 billion in July last year to $54.56 billion.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ESB Professional

Posted in , , ,

American Crypto Association Exclusives!

Bookmark the site and sign up for relevant alerts, trading tips, masternode updates and important news hosted within our exclusive newsletter. Valued at $3,588, we are offering this service free for one year!

Get onboard now!

Exclusive Newsletter!

Sign up for exclusive trading tips, masternode updates and important news hosted within our newsletter!
Terms and Conditions checkbox is required.
Something went wrong. Please check your entries and try again.
Translate »
Scroll to Top