CNBC
By Tanaya Macheel
July 16, 2021
Payments company Square is launching a business dedicated to “decentralized financial services” using bitcoin.
Square CEO and bitcoin bull Jack Dorsey said on Twitter late Thursday that the company is “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.”
The new unit will include the Seller, Cash App and recently acquired Tidal businesses.
Decentralized finance, or DeFi, applications are those that don’t rely on centralized authorities like banks, but instead use blockchain-based smart contracts to execute transactions. Most are being built on the Ethereum blockchain.