Square is creating a new standalone business that will act as a platform for developers to build decentralised finance projects based on bitcoin.
Square chief Jack Dorsey signaled the move in a Twitter thread:
Mike Brock, who has worked on Square's successful push into cryptocurrencies, will lead the business.
Says Brock: "Technology has always been a story of decentralization. From the printing press, to the internet to bitcoin - technology has the power to distribute power to the masses and unleash human potential for good, and I'm convinced this is the next step."
DeFi, which envisages the creation of a new decentralised financial services network utilising smart contracts denominated in cryptocurrencies to cut out the middle man, is one of the hottest topics in crypto land.
Dorsey says that TBD will be focused on creating a platform business, with an open raodmap, open development, and open source baked in.
He says the new unit has "some ideas around the initial platform primitives we want to build", but beyond that details remain scant.