According to CEO Jack Dorsey, Square’s next Bitcoin (BTC) initiative will establish a decentralised exchange.
TBD, The Name
Dorsey claimed in a Friday tweet that the focus of “TBD” is on creating a decentralised Bitcoin exchange. Moreover, ‘TBD’ the name is a clever play on words regarding the undecided name of the company.
TBD, a Square company, seeks to “make it easy to finance a non-custodial wallet anywhere in the globe“. “Through using a platform to construct on- and off-ramps into Bitcoin,” according to project leader Mike Brock. Additionally, the company intends the decentralised exchange to be “Bitcoin-native, top to bottom”. Moreover, the open-source and permissionless, with “no foundation or governance mechanism that TBD controls,” according to the company.
The Concept of fiat DEX
“Our concept for the fiat DEX is that the end-user shouldn’t even know it’s there and that any wallet or service can connect with,” Brock said, adding that the exchange will be compliant with anti-money laundering and Know Your Customer regulations.
In July, Square CEO Jack Dorsey revealed that the company was working on a “non-custodial, permissionless, and decentralised financial services” business with a “primary focus on Bitcoin.” Following Square’s announcement that it will be researching creating an open-source BTC hardware wallet, they announced the TBD project.