Jack Dorsey has announced that Square company is working on a new business based on decentralized finance (DeFi) services.
Square CEO, Jack Dorsey, announced in a Tweet last week that financial services and digital payments company Square is planning to build a new business focused on creating a new “open developer platform” called TBD.
The platform will be built with the express purpose of helping developers create a range of DeFi services, with a primary focus on Bitcoin.
Related | You Can Now Use Your Coinbase Card With Apple Pay And Google Pay
In his Tweet, Dorsey explains that the project will be completely open-source and provide a basis upon which decentralized financial services can be built. “We’re going to do this completely in the open. Open roadmap, open development, and open-source,” he explains.
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
Services developed under the DeFi model include lending, insurance, savings, and much more using blockchain technology, and could potentially make traditional banking services redundant.
If TBD – or whatever its name will be (should the acronym stand) – sees the light of day, it would be the first big mainstream project bringing crypto DeFi system to the masses. Dorsey’s announcement comes after another Tweet last week which confirmed that Square is also planning on making a hardware wallet for Bitcoin.
Details about the TBD are yet to be revealed, but the project already has a Twitter account displaying a yellow cap with “@TBD54566975” as the profile picture, and a meme picture of Drake as the cover photo.
Dorsey promises additional updates on the same thread soon, as well as details about the Github accounts which will be used for the project.