Jack Dorsey loves bitcoin, but he also wants people to trade it, so he announced his latest project, TBD a newly created Square cryptocurrency and a decentralized unit that is about to build a decentralized bitcoin exchange.
In mid-July, Dorsey announced the launch of TBD, a new business aimed at fostering decentralized financial services. He finally announced today that the TBD unit will be responsible for developing a Bitcoin decentralized exchange (DEX).
“We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for Bitcoin.”
— jack⚡️ (@jack) August 27, 2021
Mike Brock, head of the TBD division, claims that the process for buying Bitcoin includes centralized and custodial services similar to Coinbase. TBD aims to create an open source, permission less exchange that will be bitcoin friendly.
He said on Twitter:
“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.
We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.
Getting bitcoin today typically involves exchanging fiat at a centralized and custodial service like CashApp or Coinbase. These on- and off-ramps to Bitcoin have a number of issues, and aren’t distributed evenly around the world.
This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize exchange for fiat.
As we said, this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use. No foundation or governance model that TBD controls. Permission less or bust.”