Inside Jack Dorsey's Next Big Bet on Bitcoin, DeFi

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Jack Dorsey has announced the creation of a new business under Square  (SQ) - Get Report, dedicated to decentralized financial services. The Twitter  (TWTR) - Get Report and Square CEO said that the business’ primary focus would be Bitcoin.

"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 on Thursday.

Dorsey also stressed that this new business will be different from its existing Square Crypto. Dorsey said this business “will be focused on creating a platform business, and will open-source our work along the way.”

He has already appointed Mike Brock, director of Square Strategic Development, to lead the business.

"...we're going to be biasing towards being open and transparent. So we'll be sharing a lot more about our plans in the coming days and weeks," Brock said. "We're also going to be thinking of ways to include the community in our planning."

A strong advocate of Bitcoin, Dorsey recently told Bitcoin Magazine that if needed, he would leave Square or Twitter for Bitcoin.

Related: Will Crypto Replace Fiat Currencies? Expert Outlines Case for Ethereum

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