Cash App developer Square to offer bitcoin-based DeFi platform

The new platform will enable "non-custodial, permissionless, and decentralized financial services" for Bitcoin, according to Square CEO Jack Dorsey.

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Square Inc. (SQ) has become a major player in the global finance market following the success of its innovations in payment processing and money services. The company’s Cash App helps facilitate simple money transfers between its 36 million active users. Square CEO Jack Dorsey took to Twitter today to announce that the company would be starting a new business enterprise in the decentralized finance (DeFi) space that is based on Bitcoin.

The as of yet unnamed service will facilitate "non-custodial, permissionless, and decentralized financial services" for Bitcoin, according to the post from Dorsey

Dorsey says that every part of this endeavor will be open. “Open roadmap, open development, and open source,” explained Dorsey in a follow-up Tweet. Today’s news comes on the heels of an announcement that Square would be working on a hardware bitcoin wallet solution. The DeFi space has become busy in recent months as people are looking for ways to move their money without the need for dealing with cryptocurrency or securities exchanges. 

With a player as large as Square entering the market, the popularity of DeFi is likely to maintain or expand its level of interest moving forward. Square stock (SQ) was valued at $237.52 when the market closed earlier this afternoon, up one percent from its value at the start of the day.

Contributing Tech Editor

Chris Jarrard likes playing games, crankin' tunes, and looking for fights on obscure online message boards. He understands that breakfast food is the only true food. Don't @ him.

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