The CEO of Square Jack Dorsey announced earlier in the week the entrance into the decentralized finance by his payment company Square.
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Square is entering DeFi market on a blockchain other than the conventional Ethereum. Dorsey is building his platform with Bitcoin.
DeFi market has continued to expand as many companies has started building and using the fintech tool. According to DeFi Pulse, over $50 billion in assets are locked in DeFi exchange.
Bitcoin DeFi exits already. The performance though slow is recording steady growth. It is anticipated this entry by Square will boost Bitcoin DeFi and provide more option for users of Decentralized finance. At present there are 26 Bitcoin DeFi providing derivative trading services to payments.
DeFi services are largely built on Ethereum, partly because of the cryptocurrency smooth use of smart contracts ; number of codes that automate agreement between two parties. ” Ethereum is the network with most developers,” Tally Greenberg, business development head at Allnodes, told Insider. “But I think the smart contract idea is coming to bitcoin as well.”
As Dorsey’s Square develops it’s Bitcoin DeFi, add on developers on Bitcoin and users alike will benefits from the innovation.