Square CEO Jack Dorsey confirmed that the platform’s latest Bitcoin (BTC) venture would be to create a decentralized exchange. In an August 27 tweet, Dorsey stated that “TBD” would be primarily focused on setting up a decentralized exchange for Bitcoin. ‘TBD’ is the chosen acronym which is used since the business’ name is yet to be determined or it might be the name itself.
First introduced in July, Square’s “TBD” unit is creating a “non-custodial, permissionless, and decentralized financial services” business whose “primary focus is Bitcoin.”
The project leader Mike Brock said that the TBD unit of Square aims to:
“make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin.”
The business stated that it is working on a decentralized exchange that will be “Bitcoin-native, top to bottom,” and entirely open-source and permissionless, without any foundation or governance model that the unit controls. Brock said:
“Our idea for the fiat DEX is something the enduser shouldn’t even need to know is there, and any wallet or service can integrate with.”
He added that the exchange would be wholly in compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) laws.
Dorsey said in July that Square was creating a “non-custodial, permissionless, and decentralized financial services” business whose “primary focus is Bitcoin.” The introduction of the TBD project came after Square mentioned that it would be exploring the development of an open-source bitcoin hardware wallet.