Bitcoin News: Square said it will launch a Bitcoin-focused decentralized finance (DeFi) platform, according to Twitter CEO Jack Dorsey. It was also stated that the platform is still in the thinking stage.
He said that the sole purpose of the Bitcoin-based platform will be to facilitate unattended, permissionless and decentralized financial services.
Square plans to make the project public for code development. Dorsey added that some ideas are being formed about the first platform primitives, but because it has no name yet, it is in draft form. The CEO even released a meme account as the business account for the platform.
Dorsey is no stranger to the cryptocurrency market, he is quite dominant. Dorsey has previously made supportive statements about the crypto market. He believes that Bitcoin is the money of the internet. The most important proof that Dorsey is defending the crypto market is that Square has already invested over $200 million in BTC.
It’s too early to tell what the platform might be and what impact it will naturally have on the market.
While the DeFi industry is something teams are working on, it’s a huge one for those with little experience with the market. Square has allowed many tech-savvy people to start investing in the market. Square could perhaps have a similar effect with regard to DeFi.
Dorsey and Square double their Bitcoin investment
Square has been pretty successful ever since it started offering Bitcoin services. For Square, the Bitcoin selling service has become its biggest source of revenue for the past year. The transition to DeFi could be the continuation of this demand and success. This platform is just one of the services Square is working on.
The company also announced last week that it is working on a hardware wallet that will make holding Bitcoin more common. This wallet will have optimized recovery mechanisms and will be fully open. Square will also prioritize mobile compatibility.
Dorsey drew attention to both the economic and environmental costs of Bitcoin mining. Dorsey has also taken steps to support the use of renewable energy. Dorsey believes that the crypto market will eventually generate energy with clean power. Square has invested millions in a solar-powered factory for this purpose.