Jack Dorsey has announced that Square will build a decentralized Bitcoin exchange as part of its TBD project.
Dorsey announces TBD leadership
"We have determined the direction of TBD," he wrote Dorsey on Twitter yesterday. "The project will help us build an open platform to create a decentralized Bitcoin exchange."
Dorsey originally announced TBD in July, stating that it would serve as an open development platform and the foundation for various DeFi services.
Mike Brock, General Manager of TBD at Square, also commented about today's effort. He stated that there has been "a lot of speculation about what is and what is not TBD."
He went on to explain that the project will simplify the process of funding a non-custodial wallet without using custodial exchanges such as Square’s Cash App and Coinbase. He added that this will be done by creating entry and exit ramps in Bitcoin.
"You can think of this as a decentralized exchange for fiat money," Brock concluded in his series of tweets. He added that it will also be open source and permissionless and will work with any crypto wallet.
The effort is different from Square Crypto
Unlike Square Crypto, which funds the development of Bitcoin in general, TBD has a slightly different scope. Dorsey said the effort will unite the services of Square Seller and Cash App, as well as its recently acquired music service, Tidal.
To date, Square Crypto has funded several cryptocurrency projects. He is currently working on an open hardware wallet for Bitcoin.
In addition to its development efforts, Square has invested heavily in cryptocurrencies. The firm currently holds more than 8,000 BTC, roughly equivalent to $ 393 million at current prices.