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.
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.
The unveiling of TBD came after Square revealed its plans to explore the development of an open-source wallet.