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.
You might also like
More from Tech
Kim Kardashian And Beats Introduce Special Edition Fit Pro Earbuds
Kim Kardashian's special edition Beats Fit Pro are now available at Apple stores.The earbuds come in three neutral colors, Moon, …
Lyft Wants To Cash In On In-Car Digital Ads
Lyft announced the launch of Lyft Media, a new digital advertising business unit with the potential to add billions to …
Amazon Alexa Mimics The Voices Of Your Dead Relatives
Amazon is testing an experimental Alexa feature that allows it to mimic the voices of your dead relatives. Read that …
Adobe Announces Express Content Scheduler
Adobe has announced Adobe Express Content Scheduler, a new tool to help social media managers make, plan, preview, and publish …
Tech Companies Are Teaming Up To Free Us From Passwords
Apple, Google, and Microsoft are committing to expanded support for the FIDO standard to bring a passwordless future.
Stripe Now Lets You Buy NFTs Without Having To Own Crypto
Stripe has unveiled a new suite of services that includes the ability to buy crypto and NFTs with fiat currencies.
Spotify’s Car Thing Is Now Officially Available In The US
The 4-inch touch and voice-controlled device is designed for older car models that lack dashboard touchscreen infotainment systems.
Creators Of Shiba Inu Are Working On A Metaverse For The Meme
Developers of the meme coin have given us a glimpse of what the Shiba Inu metaverse world will look like …
Jaguar Land Rover Integrates Alexa In New Vehicles
Jaguar Land Rover is adding Alexa into its latest software update, letting drivers control navigation and music, make calls, manage …
