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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 LDK and will be open source.

Square will develop a new company dedicated to creating a decentralized finance (DeFi) platform. 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 with which it will operate will be bitcoin and will work on LDK (Lightning Development Kit). Regarding his name, Dorsey’s tweet assures that it will be TBD. This could mean To Be Determined, or its name could simply be the letters TBD.

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

On the other hand, the businessman 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 recently announced. Square is looking for computer experts for its development, as CriptoNoticias reported.

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

New Announcements Coming Soon to Square’s New DeFi Platform

Regarding the experts who will be in charge of creating 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 to the new platform, but that its intervention will be limited only to providing funds.

On the other hand, Dorsey released TBD’s Twitter profile, which so far only has a humorous tinge and even a username that seems transitory (@ tbd54566975), but already has more than 11,000 followers at the close of this note. They will also open an account on GitHub, he reported.

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