Cash App developer Square to offer bitcoin-based DeFi platform

According to Square CEO Jack Dorsey, the new platform will allow ‘non custodial permissionless and decentralized financial services for Bitcoin’.

Square Inc. (SQ), a global financial market leader, has seen its success in money services and payment processing become a huge success.

Cash App facilitates simple money transfers among its 36 million users. Square CEO Jack Dorsey announced today on Twitter that Square would launch a new business in decentralized finance (DeFi), which is based upon Bitcoin.

According to Dorsey , the service, which is yet unknown, will allow for ‘non custodial permissionless and decentralized financial services’ in Bitcoin.

Square is launching a new business (joining Seller Cash App & Tidal), which focuses on creating an open platform for developers with the sole purpose of making it easier to create non-custodial and permissionless financial services. Our main focus is #Bitcoin. Its name is TBD.

– Jack (@jack).July 15, 2021

Dorsey stated that all aspects of this project will be open. In a follow-up tweet, Dorsey stated that there will be an open roadmap, open development and open source. This news follows an announcement by Square that it would be developing a hardware bitcoin wallet solution. People are searching for ways to move their funds without having to deal with cryptocurrency or securities exchanges.

Square, a major player in the market, is expected to continue or increase DeFi’s popularity. Square stock (SQ), which was valued at $237.52 at the close of the market earlier today afternoon, was up 1% from its initial value.

Chris Jarrard enjoys playing games and crankin’ out tunes. He also likes looking for fights on obscure message boards. He knows that breakfast is the best food. Do not scold him.