Square Announces New ‘Defi’ Ecosystem For Bitcoin

Jack Dorsey, Twitter CEO and Founder of Square Inc, today announced the new Defi Ecosystem for Bitcoin – a new open source development program for the Bitcoin blockchain. Square’s new project will focus on building an open developer platform with the sole goal of simplifying the creation of unsecured, license-free and decentralized financial services.

Square Announces New Defi Ecosystem For Bitcoin

Twitter CEO Jack Dorsey, US-based payments company Square, has doubled its Bitcoin (BTC) strategy with decentralized finance (DeFi) plans.

“Square is launching a new company (along with Seller, Cash App and Tidal) that will focus on building an open developer platform with the sole goal of making it easier to create unregulated financial services. Secure, license-free and decentralized,” Dorsey tweeted, adding that they are aiming to build a platform business and their main focus is Bitcoin.

The CEO confirms that this project will also be further developed in an open direction: “Open Roadmap, Open Development and Open Source Code”.

The new business will be led by Mike Brock, Head of Strategic Development at Square, and has already added four more team members.

Just a few weeks ago, Square also announced that they were building an open source Bitcoin hardware wallet. The focus of the Dorsey-led company was clear; Making Bitcoin useful through various open source development projects.

Dorsey is a prominent Bitcoin advocate who has admitted he’s leaving Twitter and Square for Bitcoin. In the recent announcement, Dorsey stressed that everything Square does will be open source.

“Like our new Bitcoin hardware wallet, we will make this fully public. Open roadmap, open development and open source. Brock is leading and building this team, and we have some ideas about the early platforms we want to build. “

Square Announces New Bitcoin Defi Ecosystem – Is the Bitcoin Defi Developed By Square Similar To The Defi Of Ethereum?

Dorsey didn’t reveal much about the upcoming open source project being developed by Square other than Mike Brock to lead the new development team. Although the traditional Defi built on top of Ethereum has been very successful, it has grown into a multi-billion dollar ecosystem in just a few years. The new Bitcoin Defi could bring one of the most notable blockchain upgrades to the leading cryptocurrency network.

Smart contracts are key to making the Ethereum-based Defi work, and if Square develops a similar product, we can expect smart contract functionalities for the Bitcoin network. The lead developer on the project said the company will be transparent in its approach and will reveal more details as it moves forward.

Dorsey’s commitment to Bitcoin is unprecedented and has shown itself over the years. After launching the crypto bitcoin payment service Square, the founder took that commitment to the next level. Just like Ethereum co-founder Vitalik Buterin, Dorsey is working to turn Bitcoin into a complete ecosystem of its own.

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