Jack Dorsey Announces New Bitcoin DeFi Platform

Jack Dorsey Announces New Bitcoin DeFi Platform

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Today, Twitter and Square CEO Jack Dorsey tweeted out his plans to launch an open developer platform to promote trustless and decentralized financial services, specifically catering to Bitcoin. 

Another Bitcoin Tech From Square

Dorsey spoke about creating a non-custodial, permissionless, and decentralized financial services business under the umbrella of Square, his financial payments company. This new service, named TBD, will be joining other Square ventures like Seller, CashApp, and Tidal. 

Earlier in June, Dorsey had expressed his desire to create a new open-source Bitcoin wallet. Bitcoin has also played an increasingly significant role in Square's financial footprint via its CashApp, as detailed in recent earnings disclosures. 

During an event appearance last month, Dorsey reiterated his belief that bitcoin should ultimately become the native currency of the internet, positioning Square's growing use of the tech as part of that goal. With the announcement of the new DeFi platform for Bitcoin payments, Dorsey continues to show his loyalty towards the crypto. 

Open Source, Open Roadmap, Open Development

He further tweeted that the new platform will be completely open-source and will follow an open development roadmap similar to the previously proposed Bitcoin hardware wallet. Dorsey also clarified potential questions about the difference between TBD and Square Crypto, saying,

“Square doesn’t give direction to Square Crypto, only funding. They chose to work on LDK and are doing an incredible job! TBD will be focused on creating a platform business and will open-source our work along the way.”

Founding Team Already Appointed

Mike Brock, the strategic development lead at CashApp has been appointed as the project lead for the TBD platform. In addition, he announced the rest of the founding team for TBD, which included CashApp bigwigs like Emily Chiu, Hetong Li, Kanishk Parashar, and Rebecca Corcillo.

Brock himself started his career with open source and is excited to return to it. He stated,

“[I am] excited to prove to the world (again) that great businesses can be built atop of free and open software.”

DeFi Platform for ‘Change Of System’

Entrepreneur Jeff Booth applauded this move, calling Dorsey one of the “best CEOs on the planet,” saying, 

“Not just because of his ability to navigate 2 large companies with many stakeholders, but because of his integrity and leadership in helping build a transitionary path that benefits ALL society.”

Booth himself has been a proponent of Bitcoin recently. He has called for a change of system, condemning the centralized nature of the current economy built on inflation and credit. 

It appears that he believes traditional financial instruments are recreated in a decentralized architecture to keep them out of corporate and government control

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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