Jack Dorsey, the CEO of Square and Twitter, tweeted on Friday that his payment company, Square’s new division, which is focused on creating an open developer platform, is planning to build a decentralized Bitcoin exchange.
“TBD54566975” would be focused on building a decentralized exchange for Bitcoin (BTC).
“We’ve determined @ TBD54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey stated in the tweet.
According to the project leader, Mike Brock, “TBD,” which is an unnamed unit of Square, is aiming 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 business said it wants the decentralized exchange to be “Bitcoin-native, top to bottom,” as well as completely open-source and permissionless, with “no foundation or governance model that TBD controls.”
Brock further added, “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 also said that the exchange would be following Anti-Money Laundering and Know Your Customer laws.
In July, Dorsey announced in a series of tweets that Square would launch a new business to make it easier to offer non-custodial, decentralized financial services. He announced that Square was developing a “non-custodial, permissionless, and decentralized financial services” business whose “primary focus is Bitcoin.” The unveiling of the unnamed project, “TBD” followed as Square said it would be exploring the development of an open-source BTC hardware wallet.
Bitcoin has been on a bullish trend since hitting a low of $29,360 just a little over a month ago. Since then, Bitcoin has been bullish as the flagship cryptocurrency traded as high as approximately $50,500 on Monday which represents a 72% gain in the last 5 weeks. Although this week, the bulls took a break as Bitcoin’s price declined to trade as low as $46,400 on Thursday, the market took another run at the $50,000 trading level as it traded at $49,000 on Friday.