Jack Dorsey discusses plans to build a decentralized exchange for Bitcoin

CEO of Square Jack Dorsey announced that the platform’s latest Bitcoin venture would be to develop a decentralized exchange.

Jack Dorsey discusses plans to build a decentralized exchange for Bitcoin

As First declared in July, Square's "TBD" unit is developing a "non-custodial, permissionless, and decentralized financial services" business whose "primary focus is Bitcoin."

Friday Jack Dorsey tweeted,

As per the project 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 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.”

“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,” said Brock, adding the exchange would be in compliance with Anti-Money Laundering and Know Your Customer laws.

The unveiling of the TBD project came after Square said it would be exploring the development of an open-source BTC hardware wallet.

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