Square’s Jack Dorsey Plans to Build Decentralized Bitcoin Exchange

The Square and Twitter CEO first announced plans to create an “open developer platform” in July.

Aug 27, 2021 at 7:46 p.m. UTC
Updated Aug 30, 2021 at 7:22 p.m. UTC

Square and Twitter CEO Jack Dorsey, tweeted on Friday that TBD, payment giant Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange.

  • “Help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey tweeted.
  • Mike Brock, who was named to lead the initiative, tweeted separately that “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[d] exchange for fiat.”
  • “We’d love for this to be Bitcoin-native, top to bottom,” Brock wrote. He also noted that the platform would “be entirely developed in public, open-source, open-protocol,” and that any wallet would be able to use it.
  • Brock noted “gaps around cost and scalability,” and that TBD needed “a solve for exchange infrastructure between digital assets, like stablecoins.”
  • In July, Dorsey wrote in a series of tweets that Square would launch the new business to make it easier to offer non-custodial, decentralized financial services.

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James Rubin is CoinDesk's U.S. news editor based on the West Coast.