Dorsey reveals new Square division dedicated to DeFi on Bitcoin

© Reuters. Dorsey reveals new Square division dedicated to DeFi on Bitcoin

Jack Dorsey has consistently voiced his support for Bitcoin, proving that his love for the flagship cryptocurrency is unwavering. In his latest attempt to promote the network, the Square founder and CEO announced that his company was launching a new division devoted to building decentralized finance (DeFi) services on the Bitcoin network.

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.

— jack (@jack) July 15, 2021

In a series of tweets, Dorsey explained that the development would be open source, and the team would be led by Engineer Mike Brock.

Brock has experience working with open source projects considering his history with Red Hat Inc (NYSE:RHT). He expressed his excitement towards the upcoming project

On a personal note, I just want to say that I am super excited to return to the world of open source. I cut my professional teeth in open source at @RedHat and excited to prove to the world (again) that great businesses can be built atop of free and open software.

— Mike Brock (@brockm) July 15, 2021

Square’s involvement with Bitcoin-based DeFi projects could possibly provide fiercer competition to Ethereum, which has been a key player in the DeFi space. The move could also fuel a new wave of demand for Bitcoin.

At the moment, the Bitcoin network is having a hard time competing with Ethereum because of its lack of smart contract capability.

Square’s new division is another expansion to a business line that includes Cash App, Square Seller, and the Tidal streaming service.

Jack Dorsey, who is a well-known Bitcoin enthusiast, launched a Twitter account dedicated to the project.

Continue reading on BTC Peers