U.S. payment major "Square" announced the development of next-generation financial service "DeFi"

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On July 15, US payment major "Square" announced that they will utilize blockchain technology to develop "DeFi," a financial service that does not rely on conventional exchanges and banks. DeFi is a service that acts as a virtual currency bank and allows you to make transactions such as financing, trading, and loaning. If certain conditions are met, transactions will be executed automatically, which can improve efficiency and reduce costs. Square has not yet clarified the specific direction of development, though attention is being paid to how to apply the next-generation new technology.

Source: Nihon Keizai Shimbun "US Settlement Square Promotes Intermediary-Free Finance with Bitcoin"(July 17, 2021)(link available in Japanese only)

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