The decentralized bitcoin exchange would be part of Square’s TBD project.
A bitcoin DEX from Square?
“We have set the direction of [TBD],” – Dorsey wrote on Twitter. “[The project will help] us build an open platform to create a decentralized bitcoin exchange.”
Mike Brock, CEO of TBD at Square, attempted to comment on what Square is planning. He admitted that there has been “a lot of speculationrecently about what TBD is and isn’t.”
Brock explained that the project will simplify the process of creating and using a wallet without having to participate with trust exchanges like Square’s Cash app and Coinbase. He added that this will be achieved through Bitcoin.
“You can think of it as a decentralized exchange for FIAT ,” – Brock concluded in his series of tweets. He added that it will also be open source software that will work with any cryptocurrency wallet.
Moreover, Brock stressed that Square believes in bitcoin as the native currency of the Internet: “While there are many projects to help make the Internet more decentralized, our focus is solely on a global monetary system for all. But including everyone requires several elements that we believe are missing.”
Square’s development is moving in a new direction
Unlike Square Crypto, which is largely funding Bitcoin development, TBD has a slightly different scope. Dorsey said the project will combine Square Seller and Cash App services, as well as the recently acquired music service Tidal.
To date, Square Crypto has funded several cryptocurrency projects. It is currently working on an open hardware wallet for Bitcoin.
In addition to its development efforts, Square has invested heavily in cryptocurrency. The company <a href=”https://bithub.pl/kryptowaluty/square-raportuje-przychody-z-btc-w-wysokosci-272-mld-usd/” target=”_blank” rel=”noopener”>is currently holding more than 8,000 BTC, which, at today’s prices, is equivalent to about $393 million.