SQUARE IS BUILDING A DEFI BUSINESS USING BITCOIN

On Thursday, Jack Dorsey announced that his financial services company Square is creating a new business focused on “decentralized financial services” using bitcoin.

Decentralized finance, or DeFi, applications aim to recreate traditional financial systems, such as banks and exchanges, with cryptocurrency. Most run on the ethereum blockchain.

“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. “Our primary focus is #bitcoin. Its name is TBD.”

After this announcement, Cathie Wood’s investment firm ARK Invest bought another 225,937 shares of Square worth around $53.6 million, The Street reported.

Published on: 7/20/21, 10:25 PM