- Jack Dorsey has just tweeted details about Square’s new division TBD’s direction.
- The CEO is building a decentralized exchange for bitcoin.
- In detail, the proposed platform aims to be open-source and open protocol.
The Square and Twitter CEO tweeted on Friday that new division TBD is planning to build a decentralized bitcoin exchange. As such, the new division will be a subsidiary of Square and focuses on creating an open developer platform.
— jack⚡️ (@jack) August 27, 2021
Calling to his 5.6 million strong Twitter community, the CEO tweeted:
Help us build an open platform to create a decentralized exchange for #Bitcoin.
Dorsey’s tweet was actually a response to Mike Brock, who is leading the TBD initiative. He also tweeted separately regarding it:
There’s been a lot of speculation about what TBD is and isn’t. Over the last few weeks our team has been determining what needs to be determined. We wanted to finally share our direction, and we have some questions.
— Mike Brock (@brockm) August 27, 2021
Following this, he also noted that TBD is planned to be entirely developed in public and be open-source and open-protocol. Ultimately, it intends to make a fully permissionless and decentralized service that is built around Bitcoin. However, the aim with it is still to provide users a variety of on-ramps for exchanging fiat currency for BTC.
Just last month, Dorsey had shared plans for Square to launch a new business that made it earlier to offer non-custodial, decentralized financial services.