Square CEO Jack Dorsey says that the platform’s hottest Bitcoin (BTC) venture will be to produce a decentralized exchange.
In a tweet on Friday, Dorsey mentioned that “TBD” – in reality the identify of the company stays unidentified or simply just the identify itself – will concentrate on making a decentralized exchange. for Bitcoin.
According to venture leader Mike Brock, TBD, a unit of Square, 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”. The company mentioned it desires the decentralized exchange to be “Bitcoin-native, top to bottom”, as effectively as absolutely open supply and permissionless, with “no platform or governance model that TBD controls. control.”
“Our idea of a fiat DEX is something the end user doesn’t even need to know is there and any wallet or service can integrate with it,” Brock mentioned, including adds that the exchange will comply with Anti-Money Laundering and KYC laws.
Dorsey announced in July that Square is building a “non-custodial, permissionless, and decentralized financial services business” with “a primary focus on Bitcoin.” The TBD venture disclosure comes soon after Square mentioned it would investigate the improvement of an open-supply BTC hardware wallet.