Jack Dorsey discusses plans to build a platform for decentralized Bitcoin exchanges
Square CEO Jack Dorsey has revealed that the next move in the firm’s Bitcoin venture is to develop a decentralized exchange.
Dorsey tweeted on Friday that the “TBD” (as he called it) would center its resources on building a decentralized exchange for Bitcoin.
We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin https://t.co/jHYWHy1qmu
— jack⚡️ (@jack) August 27, 2021
The Mike Brock-led project 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 platform is likely be “Bitcoin-native, top to bottom,” as well as completely open-source and permissionless, according to the company.
“Our idea for the fiat DEX is something the end user shouldn't even need to know is there, and any wallet or service can integrate with,” Brock said.
He also noted that the exchange would fully operate within Anti-Money Laundering and Know Your Customer laws.
Dorsey put out a hint in July that Square was developing Bitcoin-based non-custodial, permissionless, and decentralized financial services.
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
— jack⚡️ (@jack) July 15, 2021
The unveiling of TBD came after Square revealed its plans to explore the development of an open-source wallet.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack⚡️ (@jack) June 4, 2021