First announced in July, Square’s “TBD” unit is developing a “non-custodial, permissionless, and decentralized financial providers” business whose “primary focus is Bitcoin.”
Square CEO Jack Dorsey said that the platform’s latest Bitcoin (BTC) enterprise would be to develop a decentralized exchange.
In a Friday tweet, Dorsey said that “TBD” — both referring to the fact the business’ name has yet to be decided or just the title itself — could be targeted on building a decentralized exchange for Bitcoin.
According to project leader Mike Brock, TBD, a unit of Square, aims to “make it easy to fund non-custodial pockets anywhere in the world through a platform to build on- and off-ramps into Bitcoin.” The business said it wants the decentralized exchange to be “Bitcoin-native, top to bottom,” as well as completely open-source and permissionless, with “no foundation or governance model that TBD controls.”
“Our thought for the fiat DEX is one thing the tip consumer should not even have to know is there, and any wallet or service can combine with,” mentioned Brock, adding the exchange would be in compliance with Anti-Money Laundering and Know Your Customer laws.
Dorsey announced in July that Square was growing a “non-custodial, permissionless, and decentralized financial services” enterprise whose “primary focus is Bitcoin.” The unveiling of the TBD challenge came after Square said it will be exploring the event of an open-source BTC wallet.