Square CEO Jack Dorsey to Build Decentralized Exchange

Jack Dorsey’s setting sights on building a decentralized bitcoin exchange, after conquering the space for buying and selling bitcoin.

The Square and Twitter CEO tweeted on Friday that new division TBD is planning to build a decentralized bitcoin exchange. As such, the new division will be a subsidiary of Square and focuses on creating an open developer platform.

Calling to his 5.6 million strong Twitter community, the CEO tweeted:

Help us build an open platform to create a decentralized exchange for #Bitcoin.

Dorsey’s tweet was actually a response to Mike Brock, who is leading the TBD initiative. He also tweeted separately regarding it:

Following this, he also noted that TBD is planned to be entirely developed in public and be open-source and open-protocol. Ultimately, it intends to make a fully permissionless and decentralized service that is built around Bitcoin. However, the aim with it is still to provide users a variety of on-ramps for exchanging fiat currency for BTC.

Just last month, Dorsey had shared plans for Square to launch a new business that made it earlier to offer non-custodial, decentralized financial services.