Twitter and Square CEO Jack Dorsey has announced that TBD, Square’s new initiative, will help to create a decentralized exchange for Bitcoin. Previously, Dorsey had talked about TBD (@TBD54566975), saying that its concept was born on 15th July.
Dorsey had tweeted about TBD when introducing it to the world, stating that,
“Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.”
Putting Speculation to Bed
The TBD lead at Square, Mike Brock, spoke about TBD and the speculation around it and the direction that the company would be taking. He shared some details about the direction that TBD will be taking.
“We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.”
He also added that to get Bitcoin, individuals have to exchange their fiat currency at a centralized service such as Coinbase or CashApp. However, these face significant issues. He stated that this is the problem that they will focus on solving.
“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 decentralized exchange for fiat.”
An Open-Source Platform
TBD will be developed as an open-source protocol, and all crypto wallets will be able to use the platform. Brock added that as the company is taking this direction, there were still several gaps regarding scalability and cost and the ability to create the exchange infrastructure needed between digital assets.
A Vocal Supporter of Bitcoin
Twitter and Square CEO Jack Dorsey is a vocal supporter and has stated that Bitcoin has become a huge part of the Twitter ecosystem and the social media platform’s future, having labeled the world’s largest cryptocurrency as one of the major trends relevant to the social media platform.
Dorsey has also confirmed that Square is going ahead with its plans of building a hardware wallet for Bitcoin, having dropped subtle hints about the platform as far back as June. The hardware wallet, like TBD, would be developed in the public domain and would act as an “inclusive product that brings a non-custodial solution to the global market.”
Creating A New Bitcoin DeFi Platform
Jack Dorsey also tweeted plans about launching a developer platform that would promote trustless and decentralized financial services catering specifically to Bitcoin. Dorsey had highlighted plans about TBD, which will join other applications such as CashApp, Tidal, and Seller. Dorsey is a firm believer in Bitcoin and often states that he believes it will become the native currency of the internet. With TBD’s new DeFi platform, Dorsey continues to show unwavering faith in Bitcoin.