Jack Dorsey has consistently voiced his support for Bitcoin, proving that his love for the flagship cryptocurrency is unwavering. In his latest attempt to promote the network, the Square founder and CEO announced that his company was launching a new division devoted to building decentralized finance (DeFi) services on the Bitcoin network.
In a series of tweets, Dorsey explained that the development would be open source, and the team would be led by Engineer Mike Brock.
Brock has experience working with open source projects considering his history with Red Hat Inc. He expressed his excitement towards the upcoming project
Square’s involvement with Bitcoin-based DeFi projects could possibly provide fiercer competition to Ethereum, which has been a key player in the DeFi space. The move could also fuel a new wave of demand for Bitcoin.
At the moment, the Bitcoin network is having a hard time competing with Ethereum because of its lack of smart contract capability.
Square’s new division is another expansion to a business line that includes Cash App, Square Seller, and the Tidal streaming service.
Jack Dorsey, who is a well-known Bitcoin enthusiast, launched a Twitter account dedicated to the project.