Square CEO Jack Dorsey said that the platform’s latest venture for Bitcoin (BTC) would be to develop a decentralized exchange.
In a tweet on Friday, Dorsey said that “TBD”, either in reference to the fact that the name of the business has not yet been determined or simply the name itself, would focus on building a decentralized exchange for Bitcoin.
According to project leader Mike Brock, TBD, a unit of Square, has as purpose “Facilitate the financing of an unguarded portfolio anywhere in the world through a platform to build entry and exit ramps in Bitcoin.” The company said it wants the decentralized exchange to be “native to Bitcoin, top to bottom”, as well as completely open source and permissionless, with “no foundation or model of government that TBD controls.”
“Our idea for the fiat DEX is something the end user shouldn’t even know is there, and any wallet or service can be integrated with it,” said Brock, adding that the exchange would comply with anti-money laundering and know-your-customer laws.
Dorsey announced in July that Square was developing a business of “non-custodial, permissionless and decentralized financial services” whose “primary focus is Bitcoin.” The presentation of the TBD project came after Square said it was going to explore development of an open source hardware wallet for BTC.