Square, the digital payments solutions company led by one of the biggest Bitcoin advocates, Jack Dorsey, announces the creation of a new division to develop a platform of services focused on decentralization.
Jack Dorsey, CEO of Square and also of Twitter, and one of the leaders of Bitcoin and the industry of the cryptocurrencies, , reported that his digital payments solutions company is creating a new business division that will be focused on building a development platform focused on decentralization. In his post, Dorsey highlighted that Square is creating a new division called TBD, with which it seeks to build an open-source development platform that facilitates the design and creation of completely decentralized, non-custodial and permissionless financial services.
The new platform will be built with community support, just like its future crypto wallet. Last week, Dorsey confirmed Square's plans to create a hardware wallet Bitcoin to democratize access to this cryptocurrency. In its recent publication, it also explained that TBD will be part of its portfolio of services along with Seller, Cash App and Tidal and that it will be managed by Mike Brock, an executive of the company.
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Decentralized service on Bitcoin
Dorsey stressed that the new division that Square will develop will be focused on decentralized services where the main objective is Bitcoin. Although he did not give further details on the matter, Dorsey is recognized in the cryptocurrency industry as one of the biggest defenders and investors of Bitcoin. On several occasions, Dorsey has expressed his full support for the development of this cryptocurrency, to the point of ensuring that if he were not working at Square and Twitter, he would dedicate himself entirely to the development of its source code.
Among the many projects he is a part of, Dorsey is also working on building Bluesky, a social network similar to Twitter but focused on decentralization. The idea for this social network stems from the need to solve several of the failures that centralized platforms like Twitter present, where controversy and the amount of attention are above the quality of the information offered.
Dorsey is a strong believer in blockchain technology and its disruptive potential in several areas. For him, this technology “aims at a series of decentralized solutions for open and long-lasting hosting, governance, and even monetization”. Although there is still much work to be done, the basic foundations for achieving decentralization “are there,” he said, referring to this powerful technology.
DeFi ecosystem
On the other hand, decentralized finance, also known as DeFi, have shown exceptional growth in the last year, and analysts point out that these ecosystems will continue to grow in the future, thanks to the value opportunities they offer to their investors, who can access financial products free of all bureaucracy. In addition, every day more people in the world become aware of their privacy needs, which makes DeFi continue to gain importance and value.
According to data from DeFi Pulse, which tracks the decentralized finance ecosystem on the blockchain, Ethereum, the current liquidity that this industry gathers exceeds the 55.210 million; a rather impressive figure, especially considering that a year ago its liquidity did not exceed 2.600 billion dollars.
This week, another high-profile company in the cryptocurrency industry, ShapeShift, announced that it will abandon its corporate structure to become a Decentralized Autonomous Organization (DAO), governed by its own community. As a DAO, ShapeShift is committed to decentralizing its services to align with the true spirit of cryptocurrencies and digital finance.
Continue reading: Square invests 170 million in Bitcoin and adds another 3.318 BTC to its balance sheets
