Square enters DeFi with new TBD project, announces Jack Dorsey

Key facts:
  • TBD will be a decentralized financial services platform focused on bitcoin.

  • With funding from Square, the new app will run on top of LDK and be open source.

Square will develop a new company that will be dedicated to creating a decentralized finance platform (DeFi). The new venture of the payment processor founded by Jack Dorsey, the CEO of the social network Twitter, will be open source.

The new platform it will offer decentralized financial services without custody and without permits. The main cryptocurrency you will trade with will be bitcoin and will run on LDK (Lightning Development Kit). With regard to his name, Dorsey’s tweet states that it will be TBD. This can mean To Be Determined or its name could simply be the letters TBD.

As Dorsey himself explained in a twitter post, the platform will join the already existing Seller, Cash App and Tidal apps. The first are two apps created by Square for digital and mobile payment processing, while Tidal is a recent acquisition of the company and focuses on the streaming of musical content.

On the other hand, the entrepreneur commented that both the code and the roadmap and the development of this project will be open. Something similar happens with the hardware wallet that Dorsey announced recently. Square is looking for computer experts for its development, as reported by CriptoNoticias.

Jack Dorsey announced Square’s new DeFi platform on Twitter.

New announcements about Square’s new DeFi platform are coming soon

Regarding the experts who will be in charge of the creation of the platform, the founder of Twitter commented on this social network that Mike Brock will lead the TBD development team. In addition, he assured that Square will not direct the new platform, but that his intervention will be limited only to contribute funds.

On the other hand, Dorsey unveiled the twitter profile of TBD, which so far has only a humorous tinge and even a username that seems transient (@tbd54566975), but already has more than 11,000 followers at the end of this article. They will also open an account on GitHub, he reported.

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