- Jack Dorsey, CEO and founder of Square, has announced plans to build a decentralized exchange (DEX).
- Mike Brock, who will head the project, has also described the DEX as an on- and off-ramp for crypto wallets.
- Square’s TBD project will undertake the effort.
Share this article
Jack Dorsey has announced that Square will build a decentralized crypto exchange as part of its TBD project.
Dorsey Announces TBD’s Direction
“We’ve determined [TBD’s] direction,” Dorsey wrote on Twitter today. “[The project will] help us build an open platform to create a decentralized exchange for Bitcoin.”
Dorsey originally announced TBD in July, stating that it would serve as an open developer platform and the basis of various DeFi services.
Mike Brock, the General Manager of TBD at Square, also commented on the effort today. He stated that there has been “a lot of speculation about what TBD is and isn’t.”
He went on to explain that the project will simplify the process of funding a non-custodial wallet without using custodial exchanges like Square’s Cash App and Coinbase. He added that this will be done by creating on- and off-ramps into Bitcoin.
“You can think about this as a decentralized exchange for fiat,” Brock concluded in his series of tweets. He added that it will also be open source and permissionless and work with any crypto wallet.
Effort Is Different from Square Crypto
Unlike Square Crypto, which is funding Bitcoin development in general, TBD has a slightly different scope. Dorsey said the effort will unite Square’s Seller and Cash App services as well as its recently acquired music service, Tidal.
To date, Square Crypto has funded several crypto projects. It is currently working on an open hardware wallet for Bitcoin.
On top of its development efforts, Square has invested heavily in cryptocurrency. The firm currently holds over 8,000 BTC, roughly equivalent to $393 million at current prices.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Vitalik Buterin Criticizes Square, Facebook Crypto Plans
Ethereum creator Vitalik Buterin appeared on Bloomberg today to comment on blockchain efforts from Square and Facebook. Buterin Is Skeptical of Dorsey’s DeFi Plans In July, Twitter and Square CEO…
Square Is Planning to Launch a Bitcoin Hardware Wallet
Square is planning to create a Bitcoin hardware wallet, according to a recent tweet from the company’s CEO, Jack Dorsey. Dorsey Explains Wallet Design Dorsey posted the news to Twitter…
Microstrategy, Square Become Repeat Bitcoin Buyers
While over-leveraged traders are getting crushed by Bitcoin’s volatility, it seems that institutional investors are taking advantage of every downswing to add more BTC to their holdings. MicroStrategy Buys the Bitcoin…