Square is building a decentralized finance business using bitcoin

DeFi applications allow for financial transactions that are more easily accessible, efficient and relatively low cost. They've also been highly attractive to yield seekers who can generate returns between about 15% and 30% by participating in the DeFi ecosystem – by "locking" capital in smart contracts.

But like cryptocurrency activity broadly, DeFi comes with many different kinds of risks, including regulation, asset volatility and the technology itself. Because there aren't banks or other third-party companies facilitating transactions, there's no insurance on funds that could potentially get lost. Cryptocurrencies are volatile, which means assets put up as collateral could quickly decline in value if there's a downturn, which could lead to positions being liquidated.

Dorsey said the team is committed to building in a transparent way that includes an "open roadmap, open development, and open source."

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