BREAKDOWN: Square Sets Out to Bring DeFi to Bitcoin

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CoinDesk

News, Tech News, Daily News, Business News

4.7 • 698 Ratings

🗓️ 16 July 2021

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

A new initiative from Jack Dorsey will be a full business unit inside the company. This episode is sponsored by NYDIG. Today on the Brief: The mixed state of the U.S. government on crypto China’s e-CNY will have native smart contracts Saquon Barkley to take endorsement money in BTC Our main discussion: Square has announced a new initiative, titled “TBD,” that CEO Jack Dorsey describes as “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 intends the platform to be developed completely transparently: “open road map, open development and open source.” In this episode, NLW puts the new initiative in the context of Square’s long-term relationship with Bitcoin, explains why it’s different from the company’s Square Crypto efforts and analyzes how different parts of the community are reacting to the news. - NYDIG, the institutional-grade platform for Bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. - The Breakdown is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Eva Marie Uzcategui/Bloomberg/Getty Images, modified by CoinDesk. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:49.5	I'm just a fan of more competition in the market. I'm excited to see what types of tradeoffs these guys
0:54.6	explore and how they differ from other versions of Defi elsewhere. Ultimately, to me, the
0:59.5	decentralization of finance seems like an inevitable follow-up to the decentralization of money.
1:04.6	So I'm glad to have multiple contenders painting different visions with, as I've said,
1:09.7	different tradeoffs that we can choose
1:11.3	between. Let the hyper-capitalism commence. Welcome back to The Breakdown with me,
1:19.4	NLW. It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
1:27.8	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
1:34.2	What's going on, guys? It is Friday, July 16th, and today we are talking about a new initiative from Square that is poised to bring Defi to Bitcoin. First up, however, let's do the
1:47.1	brief. First on the brief today, we are discussing the mixed state of crypto as it relates to
1:53.9	the U.S. government. And when it comes to crypto in the U.S. government these days, there is an absolutely
1:59.4	yawning gap between those who get it
	...

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