Jack Dorsey, CEO of tech giants Square and Twitter, announced on Friday that Square’s new decentralized finance division, TBD, plans to build a decentralized Bitcoin exchange.

Fast facts

  • “We’ve determined TBD’s direction: help us build an open platform to create a decentralized exchange for Bitcoin,” he tweeted.
  • Project lead for TBD Mike Brock also tweeted about the project: “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 exchange for fiat.”
  • While the project was initially announced in July, little was known of the project beyond that it was going to involve BTC and DeFi. This is the first indication of the direction the project will take beyond that. In June the social platform’s leader also suggested integration of Bitcoin layer-2 payments, or the lighting network, with Twitter could be somewhere on the horizon, though did not elaborate on specific dates.
  • Having still not settled on an official name, Dorsey has been publicly referring to the project simply as TBD.