The CEO of Twitter and Square, Jack Dorsey, has always made sure to stay relevant in the crypto-verse. With Square, Dorsey hopes to bolster his presence in the crypto market with his imminent launch of Bitcoin DeFi services.
Decentralized Finance, aka DeFi, has made a notable impression in the financial world. With its lending and borrowing services skyrocketing, space has managed to lure in an array of people. DeFi has more Ethereum and other networks taking the lead, while Bitcoin is often seen in the backseat. While the total number of ETH locked in DeFi amounts to 9.4 million, the amount of BTC stacked in the market is only 181.9K. This disparity speaks volumes.
In order to spruce up the presence of Bitcoin in the DeFi space, Jack Dorsey is reportedly building a platform that employs the Bitcoin network to avail of the services provided by the DeFi market.
Jack Dorsey to spruce up the DeFi space with BTC
In a series of tweets, Dorsey revealed that Square would be teaming up with platforms like Seller, Cash App as well as Tidal to roll out a Bitcoin-centric DeFi platform. His tweet read,
“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.”
With Mike Brock as the head of this platform, the entire program will be open. From open roadmap to open development as well as open-source, TBD will have the eyes of the public on it.
Additionally, Jack Dorsey pointed out how Square was different from TBD. He noted that Square only provided funding and not direction.
Furthermore, Brock revealed his excitement in joining the team and stated,
“As @jack said, we’re going to be biasing towards being open and transparent. So we’ll be sharing a lot more about our plans in the coming days and weeks. We’re also going to be thinking of ways to include the community in our planning. So stay tuned!”