Square and Twitter CEO Jack Dorsey, tweeted on Friday that TBD, payment giant Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange.
“Help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey tweeted.
Mike Brock, who was named to lead the initiative, tweeted separately that “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[d] exchange for fiat.”
“We’d love for this to be Bitcoin-native, top to bottom,” Brock wrote. He also noted that the platform would “be entirely developed in public, open-source, open-protocol,” and that any wallet would be able to use it.
Brock noted “gaps around cost and scalability,” and that TBD needed “a solve for exchange infrastructure between digital assets, like stablecoins.”
In July, Dorsey wrote in a series of tweets that Square would launch the new business to make it easier to offer non-custodial, decentralized financial services.