Jack Dorsey, the chief executive officer of Square (and Twitter) recently stated that the platform’s most recent Bitcoin venture would be to set up a decentralized exchange platform.
A tweet posted on Friday stated “TBD”, either they were alluding to the fact that the business venture’s name has not been determined as of yet or just the name on its own, would be centered on creating a decentralized exchange platform for Bitcoin.
According to what project manager Mike Brock stated, TBD, which is a unit of Square seeks to make established on, as well as off-ramps into the leading digital currency. The business stated that it seeks to make the decentralized exchange platform native to Bitcoin all the way through. They also want it to be fully permission less and open source with no governing model or foundation held by TBD.
Brock stated that their idea for the fiat decentralized exchange is something the end-user should not even be required to know is there, as well as any wallet or service it can be integrated with. He also added that the exchange would be in line with Anti-Money Laundering guidelines and Know Your Customer regulations.
Dorsey had revealed in July that Square was setting up a permission less, non-custodial, and decentralized financing facilities business with Bitcoin being the main focus.
The announcement of the TBD business venture came after Square announced that it would be researching the development of a Bitcoin hardware wallet that would be open source.
Jack Dorsey had declared earlier in July that Bitcoin would be one of the main trends for Twitter’s future. He added during the second-fiscal-quarter earnings call that Bitcoin would be a central part of the company’s future, highlighting the virtual currency’s potential to revolutionize Twitter services and products.
Calling Bitcoin the local currency of the internet, Dorsey represented opportunities to incorporate the currency into pre-existing Twitter services i.e., e-commerce, subscriptions, and new updates such as Super Follows and Tip Jar.
He told investors that a lot of innovation (possible by Bitcoin) would be beyond mere currency to own. He acknowledged that Bitcoin is among the three main trends for the future of Twitter besides AI (or artificial intelligence) and decentralization.
Dorsey is a renowned early proponent of Bitcoin, time and again reiterating that Bitcoin is set to be the internet’s single currency as of 2018.
