Jack Dorsey is co-founder, chairman and CEO of Twitter and cofounder & CEO at Square. Joe Raedle/Getty Images
Jack Dorsey plans to develop an open platform for creating a decentralized bitcoin exchange through TBD.
TBD is a part of Square, which Dorsey founded and currently leads.
Mike Brock, the project leader, said that it would be similar to a central exchange for fiat but only "bitcoin native", top to bottom.
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According to Jack Dorsey's tweet Friday, he is establishing an open platform to allow for the creation of a decentralized bitcoin exchange through TBD.
A decentralized cryptocurrency exchange allows peer-to–peer transactions and does not require an intermediary.
Dorsey retweeted a tweet from Mike Brock, the TBD project leader, which offered some direction as to where the unit is heading.
Brock stated in eight parts on Twitter that there has been much speculation about TBD. "We wanted finally to share our direction and we have some questions."
First, Brock stated that his team believes bitcoin will become the web's native currency. He pointed out that trading bitcoin involves exchanging fiat at a central and custodial bank. As an example, he mentioned CashApp, which is a mobile payment system developed by Square, as well as Coinbase, the biggest cryptocurrency exchange in the US.
He stated that the "on-and-off-ramps to Bitcoin have a variety of issues and aren’t distributed evenly across the globe." While there are many projects that can help make the internet decentralized, our sole focus is on a solid global monetary system.
Brock stated that this is the problem TBD seeks to solve. His team wants to make it easier to fund non-custodial wallets worldwide through a platform that creates on-and off-ramps to bitcoin. He described it as a "bitcoin-native" exchange for fiat.
TBD was launched in July 2021 and is a unit within Square, the payments company Dorsey founded. He is also CEO of Square.
It's not clear if TBD is Dorsey’s latest venture or a shorthand for the phrase "to-be discussed". However, it does have a Twitter account with the handle @TBD54566975.
Brock stated that the platform would be developed entirely in open-source and open-protocol. Any wallet will be able use it. TBD has no control over the foundations or governance models. Permissionless, or not.
He mentioned cost and scalability, as well as the possibility of creating an exchange infrastructure to allow transactions between digital assets.
