Crypto-friendly Head of Square –  Jack Dorsey  – reportedly revealed that his firm is working towards rolling out a Bitcoin-focused decentralized exchange. 

Specifically, Dorsey reportedly disclosed that the new “TBD” project – which is open for interpretation as “to be determined”, or in fact, the project’s name – would concentrate on designing a “non-custodial, permissionless, and decentralized financial services”, revolving particularly around Bitcoin. 

As revealed by project leader Mike Brock, TBD – a unit of Square – reportedly looks to achieve a primary goal of offering a simplified measure for funding a non-custodial wallet at any geological area across the globe, via “a platform to build on- and off-ramps into Bitcoin”. 

Square reportedly expects the decentralized exchange to achieve “Bitcoin-native” status, from end to end, together with being entirely open-source and permissionless, possessing “no foundation or governance model that TBD controls.”

“Our idea for the fiat DEX is something the end-user shouldn’t even need to know is there, and any wallet or service can integrate with” Brock additionally shared, claiming that the exchange would adhere to the Anti-Money Laundering and Know Your Customer legislation.

Dorsey further revealed back in July this year that Square is reportedly investing resources in rolling out a “non-custodial, permissionless, and decentralized financial services” business, revolving mainly around Bitcoin, and news regarding the TBD project surfaced following Square’s revelation of deep-diving into the development of an open-source BTC hardware wallet.