After Jack Dorsey announced that he was creating a new Bitcoin (BTC)-focused financial services network with uncanny parallels to Aave, Aave creator Stani Kulechov urged his 90,000 Twitter followers yesterday that his site should create “Twitter on Ethereum.” Square Inc., Dorsey’s mobile payment startup, announced on Thursday that it was launching a unique firm “centered on establishing an open developer infrastructure with the aim of making it easier to construct non-custodial, permissionless, and decentralized financial services.” Bitcoin will be the main emphasis, according to the tweet, which had over 35,000 likes at the time of publishing.
Kulechov suggested in his remark that Dorsey’s business concept is comparable to Aave, an open-source, non-custodial DeFi framework that allows users to loan assets while earning interest on deposits. While it’s unclear if Kulechov’s Twitter-on-Ethereum idea is real, he did say that Aave co-founder Jordan Lazaro Gustave would be in charge.
@JordanLzG will lead this effort 👻
— stani.eth rAAVE 👻 =(⬤_⬤)= 👻 🦇🔊 (@StaniKulechov) July 17, 2021
Aave has become one of the most widely used DeFi covenants, with need for its services increasing amongst most conventional investors. Aave aims to introduce a permissioned variant of its platform for institutional investors as soon as in July.
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
Dorsey’s proposal to introduce DeFi to Bitcoin comes after Square said in early June that it was looking into developing an open-source Bitcoin hardware wallet. The businessman emphasized the necessity of self-custody and the necessity for first-time crypto users to be onboarded via mobile technologies.
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
How is this different from @SqCrypto? Square doesn’t give direction to @SqCrypto, only funding. They chose to work on LDK, and are doing an incredible job! TBD will be focused on creating a platform business, and will open source our work along the way.
— jack (@jack) July 15, 2021
Ok we made a twitter: @tbd54566975
— jack (@jack) July 15, 2021
