BitDeFi is here! Twitter founder launches development platform to make it easy for developers to deploy DeFi projects

Twitter founder Jack Dorsey announced that his payment startup Square will develop a DeFi development platform that is easy to deploy, non-custodial, and permissionless. The blockchain technology utilized will, of course, be Bitcoin, which Dorsey has always been advocating for.

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. Our primary focus is #Bitcoin. Its name is TBD.

— jack (@jack) July 15, 2021

Key Development in Bitcoin DeFi

Jack Dorsey pointed out on Twitter that similar to the previously planned Bitcoin hardware wallet, the Bitcoin DeFi platform will also be completely open-source, including the roadmap, development progress, and source code.

The new project will be led by Mike Brock, the current Head of Strategic Development at Cash App. However, the project is still in its very early stages, with only one Twitter account currently able to monitor the progress of the project.

Ok we made a twitter: @tbd54566975

— jack (@jack) July 15, 2021

Jack Dorsey also mentioned that a Github account will be created very soon. As of now, @TBD54566975 appears more like a meme account.

Bitcoin Infrastructure

Compared to last year's focus on the development of Twitter and Square, Jack Dorsey has planned several infrastructure projects this year, including

• Bitcoin hardware wallet
• Establishment of a Bitcoin solar-powered mining facility
• Collaboration with Ark Invest to release a Bitcoin green energy whitepaper
• Promotion of Bitcoin adoption among corporations through "The ₿ Word" initiative

In early June, Jack Dorsey also emphasized on Twitter that integrating with the Lightning Network is just a matter of time for Twitter or BlueSky.

The BlueSky project was initiated in December 2019 with the aim of developing an open-source, decentralized new standard architecture for social media, rather than the centralized structure of existing media.

Recently, Twitter announced the discontinuation of its Fleets feature on 8/3 due to underwhelming performance.

During the establishment of "The ₿ Word," Jack Dorsey invited Tesla's Elon Musk to participate, hoping for a good exchange to further understand Bitcoin. The ₿ Word is set to launch on 7/22 at 00:00 Taiwan time, where the conversation between the two, Musk's latest views on Bitcoin, is expected to once again draw attention.