Square to create bitcoin financial services

Square and Twitter CEO Jack Dorsey tweeted on Friday that TBD, or the new division of payments giant Square focused on creating an open-source platform for developers, is planning to build a decentralized exchange for Bitcoin.

Back in March, Square Financial Services bank was officially launched to operate as an independently governed subsidiary of Square, which is headquartered in Salt Lake City, Utah, and will have as its primary purpose to offer business loans and deposit products to become the leading funding provider for vendors using Square in the United States.

Now, this new announcement is a further step forward by Dorsey towards the cryptocurrency world, of which he has long claimed and proved to be a convinced and fervent supporter.

In July, in fact, the CEO of Square, Jack Dorsey, had revealed plans for a project called TBD that would soon focus on developing a platform for open-source financial services dedicated to Bitcoin.

A new decentralized exchange for Bitcoin

A little over a month later, that project now seems to have found a more appropriate and clear definition.

According to Dorsey himself and Mike Brock, the CashApp executive in charge of the initiative, it would be precisely the project of a decentralized Bitcoin exchange, a trading system in which no central party has custody or control of the funds that pass through it.

The confirmation came directly from Dorsey through a tweet two days ago. Also, at the Bitcoin 2021 conference in June in Miami, Dorsey spoke about his future plans on Bitcoin and cryptocurrencies, explaining that bitcoin is a way to protect against currency devaluation and speed up fund transfers across borders.

Bitcoin is for everyone, Jack Dorsey’s word

Jesse Dorogusker, hardware lead at Square, also leaked important news back in July about the company’s future plans, stating:

“We’ve decided to create a hardware wallet and service to make Bitcoin storage more mainstream. We will continue to ask questions and answer them in the open. The response from this community to our thread about this project has been fantastic: encouraging, generous, collaborative, and inspiring.”

The decision to create a decentralized exchange is a direct result of Dorsey’s firm belief in the importance of maintaining Bitcoin’s independence from any central entity or authority, as he put it by saying:

“Bitcoin is for everyone. It’s important for us to build an inclusive product that brings a non-captive solution to the global marketplace.”

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