Dorsey has unveiled a new Square division dedicated to DeFi for Bitcoin with BTC Peers

Jack Dorsey has consistently expressed his support, proving that his love for the flagship cryptocurrency is impossible. In a recent attempt to promote the network, Square founder and CEO announced that his company would launch a new division focused on building decentralized finance (DeFi) services on the Bitcoin network.

Square is creating a new business (joining Seller, Cash App and Tidal) focused on building an open developer platform with the sole goal of facilitating the creation of unattended, unauthorized and decentralized financial services. Our main focus is #Bitcoin. His name is TBD.

– jack (@jack) July 15, 2021

In a series of tweets, Dorsey explained that the development would be open source, and that the team would be led by engineer Mike Brock.

Brock has experience working with open source projects considering his history with Red Hat Inc. (NYSE :). He expressed enthusiasm for the upcoming project

On a personal note, I want to say that I look forward to returning to the world of open source. I cut my teeth in professional open source at @RedHat and am happy to prove to the world (again) that great businesses can be built on free and open source software.

– Mike Brock (@brockm) July 15, 2021

Square’s involvement with Bitcoin-based DeFi projects could give it tougher competition, which has been a key player in the DeFi space. The move could also create a new wave of Bitcoin demand.

At the moment, the Bitcoin network is having difficulty competing with Ethereum because it lacks the capabilities of a smart contract.

Square’s new division is another expansion of its line of business that includes Cash App, Square Seller and Tidal streaming service.

Jack Dorsey, a well-known fan of Bitcoin, launched a Twitter account dedicated to the project.

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