Payment company Square will soon launch a new business centered around DeFi services using Bitcoin, as announced by Square CEO Jack Dorsey.
Dorsey said that the company aims to develop an open developer platform specially designed to facilitate the creation of “non-custodial, permissionless, and decentralized financial services.”
The new unit is expected to include the Seller, Cash App and the newly acquired Tidal businesses.
The team is dedicated to building in an open and transparent way. Mike Brock, the Executive VP and General Manager of Cash App, will be forming and leading this team.
Like our new Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. Mike Brock is leading and building this team, and we have some ideas around the initial platform primitives we want to build.
Jack Dorsey, CEO of Square
According to a report on DeFi opportunity by John Todaro of Needham, DeFi platforms work similarly to traditional banks and financial services firms and could disrupt the industry in the coming years.
Todaro said that the current yield starved environment has led to DeFi platforms being highly demanded as they offer even higher yields than traditional financial products.
