The CEO of Square, Jack Dorsey says that the latest venture of the Bitcoin (BTC) platform will focus on developing a decentralized exchange. In a tweet on Friday, Dorsey said that “TBD”, referring to the fact that the name of the company has not yet been determined or just its own name, will focus on creating a decentralized exchange for Bitcoin.
Also, according to Mike Brock, the project leader, TBD is a division of Square that 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”.
Later, the firm said that it wants the decentralized exchange to be “bitcoin-centric, top-down”. They also said it should be completely open-source as well as permissionless. It should also be with “no foundation or governance model that TBD controls”. Brock said, “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”. He further added that the exchange will be in agreement with Anti-Money Laundering and Know Your Customer laws.
Moreover, in July, Jack Dorsey announced that Square is developing a “non-custodial, permissionless, and decentralized financial services” business with a “core focus on Bitcoin. The revelation of the TBD project came after Square said it would look into developing an open-source BTC hardware wallet.
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