Jack Dorsey’s Square Announces Plans for Decentralized Exchange for Bitcoin

Square – and Twitter – CEO Jack Dorsey is not just satisfied with his love for Bitcoin. He is doing everything he can to make BTC the global currency of the internet.

In a tweet made on Friday, August 27,2021 Dorsey said that “TBD” would be focused on building a decentralized exchange for Bitcoin.

In Mid July, Dorsey announced the launch of TBD, a new business aimed at facilitating the creation of decentralized financial services.

He said that the platform’s latest Bitcoin (BTC) venture would be to develop a decentralized exchange. 

According to the project leader, Mike Brock, “TBD,” which is an unnamed unit of Square, is aiming 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 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.”

Brock added that the exchange would be in compliance with Anti-Money Laundering and Know Your Customer laws.

“You can think about this as a decentralized exchange for fiat,” he concluded in his series of tweets. He added that it will also be open source and permissionless and work with any crypto wallet.

Jack Dorsey did not disclose further information about the platform. So it is likely still in the theoretical stage, however considering the robustness of CashApp, it is possible that some of the development will not be very complicated.