Square Announces New ‘Defi’ Ecosystem on top of Bitcoin

Jack Dorsey, the Twitter CEO and founder of Square Inc today announced the launch of TBD, a new open-source development program on top of the Bitcoin blockchain. The new venture by Square would be focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.

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

Just a few weeks ago, Square also announced they are building an open-source Bitcoin hardware wallet. The focus of the Dorsey-led company has been clear; to make Bitcoin useful via various open-source development projects.

Dorsey is a well-known Bitcoin proponent who has confessed that he would leave Twitter and Square for Bitcoin. During the recent announcement, Dorsey emphasized that everything done by Square would be open source.

“Like our new Bitcoin hardware wallet, we’re going to do this completely in the open. Open roadmap, open development, and open source. brock is leading and building this team, and we have some ideas around the initial platform primitives we want to build.”

Will Square Developed Bitcoin Defi be Similar to Ethereum’s Defi?

Dorsey didn’t reveal a great deal about the upcoming open-source project being developed by Square apart from the fact that Mike Brock would be leading the new development team. While traditional defi built on top of Ethereum has been a great success as it has turned into a multi-billion dollar ecosystem within a couple of years. The new Bitcoin Defi could bring one of the most notable blockchain upgrades for the top cryptocurrency network.

Smart contracts are the key to the functioning of Ethereum based defi, and if Square is building a similar product, we might expect smart contract functionalities for the Bitcoin network as well. The lead developer of the project said the company will be transparent in its approach and reveal more details as they move forward.

Dorsey’s commitment towards Bitcoin is unparallel and it has shown over the years. After the launch of bitcoin payment services Square crypto, the founder has taken that commitment to next level. Just like Ethereum co-founder Vitalik Buterin, Dorsey is working to make Bitcoin a complete ecosystem on its own.