Square’s “TBD” section is building a “non-custodial, permissionless, and decentralized financial services” business with a “primary focus is Bitcoin.” according to a July announcement.
A decentralized exchange is being developed by Square, according to the platform’s CEO, Jack Dorsey.
In a tweet on Friday, Dorsey stated that “TBD” — either referring to the fact that the business’s name has not yet been selected or simply the word itself — would be concentrating on the development of a decentralized exchange for the cryptocurrency Bitcoin.
TBD, a unit of Square, intends 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,” according to project leader Mike Brock.
Specifically, the company stated that it desires a decentralized exchange that is “Bitcoin-native from top to bottom,” as well as totally open-source and permissionless, with “no foundation or governance model controlled by TBD.”
In Brock’s words, “our vision for the fiat DEX is something that the end user shouldn’t even be aware is there, and that can be integrated into any wallet or service.” Brock also stated that the exchange would be in line with anti-money laundering and know your customer regulations.
The Square CEO, Jack Dorsey, revealed in July that the company was working on a “non-custodial, permissionless, and decentralized financial services” venture with a “primary focus on Bitcoin.” Following Square’s announcement that it would be researching the development of an open-source Bitcoin hardware wallet, the TBD project was revealed.
