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Inside Jack Dorsey’s Next Big Bet on Bitcoin, DeFi

The Street | Anuz Thapa | Jul 16 ,2021

Jack Dorsey defi business - Inside Jack Dorsey's Next Big Bet on Bitcoin, DeFi

Jack Dorsey has announced the creation of a new business under Square  (SQ) - Get Report, dedicated to decentralized financial services. The Twitter  (TWTR) - Get Report and Square CEO said that the business’ primary focus would be Bitcoin.

"Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services," Dorsey tweeted on Thursday.

See:  EasyFi CEO on Current Lending and Borrowing Issues and Comments on DeFi

Dorsey also stressed that this new business will be different from its existing Square Crypto. Dorsey said this business “will be focused on creating a platform business, and will open-source our work along the way.”

He has already appointed Mike Brock, director of Square Strategic Development, to lead the business.

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