Apart from being the CEO of Twitter, Jack Dorsey also owns Square Inc, which is completely into financial services and much more technological digital payments, etc. His Square Inc has been extremely well-doing with the recent launches of its Bitcoin hardware wallets. Furthermore, now Square Inc plans to bring decentralized finance (DeFi) based upon Bitcoin (BTC).
Jack Dorsey’s Announcement
Square Inc has proved itself over the times since its launch in 2009. With its further growth, it became a public liability company in 2015. Amidst all this, Square Inc , plans to expand its business further by bringing in Decentralized Finance (DeFi) services for Bitcoin (BTC) completely.
Jack Dorsey put forth that Square Inc’s new division will be focusing solely on all complete DeFi based services based on Bitcoin (BTC) only. Furthermore, Square Inc will be making this platform effortlessly for all non-custodial and permissionless DeFi services.
Dorsey made this announcement through a tweet on his official Twitter page on Friday.
Upon his post, Dorsey mentions the new initiative business will be bringing in all the other services offered by Square Inc altogether. Accordingly, Seller, Cash App, and Tidal will be all collaborated into one platform.
In addition, this new platform will be named ‘TBD’. Also, Dorsey depicts that like their Bitcoin hard wallet, the TBD will be also completely open and transparent.
On the other hand, Dorsey reveals everything on TBD will be open, from its road plan, development, its sourcing, and all.
TBD’s Team and Their Views
Dorsey termed Mike Brock will be leading the team and heading TDM. Mike Brock is no one other than the man behind Cash App. Also, his success in infusing Bitcoin into the app was one promising move.
Moreover, Mike Brock’s experience with a long history with Red Hat Inc, an international Enterprise solutions provider in bringing out open-source projects efficiently.
Upon Dorsey’s Tweet, Mike Brock replied commenting that he’s extremely proud of leading the team. Also, he depicted the entire team consisting of four persons tagging them along with the tweet.
Square Inc targets the DeFi market which is highly dominated by Ethereum based blockchains.
In addition, Bitcoin doesn’t apply to any smart contracts. TBD views on bringing and enabling more features and DeFi services in order to enable smart contracts involving Bitcoin.
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