Jack Dorsey (the CEO and co-founder of Twitter and the CEO of Square) stated that he has an intention to develop a Bitcoin-based decentralized exchange. Square (a provider of payment solutions) was created in 2009’s February only a month following the initial release of Bitcoin (BTC). Its three co-founders include Tristan O’Tierney, Jim McKelvey, and Jack Dorsey. Square released an application originally named Square Cash (a simple, attractive, and convenient app) in competition with Venmo (a PayPal-based peer-to-peer provider of payment solutions on mobile), and it was renamed as Cash App afterwards.
Cash App, one of the most prominent products of Square, permits the consumers to transfer as well as request money from the other customers. The clients are able to withdraw the money through a card named Cash Card or via transferring the amount to an account of the bank. On 15th July, Dorsey disclosed that a new division was being created by Square that would be named in the future, and its primary purpose would be to provide a developer platform to assist in the construction of decentralized services of finance. He added that the things regarding the latest business would completely be transparent.
He announced in a tweet that was published on 27th August that Square was working on a Bitcoin-based decentralized exchange. The tweet was a disclosure of the previously mentioned TBD project focusing on DeFi (decentralized finance) services. The tweet of Dorsey was a response to Mike Brock (TBD’s general manager). Through a tweet series posted on the same date, Brock talked that the group considers Bitcoin to become the official currency of the internet. He elaborated that the latest project would exclusively centre toward the creation of a strengthened monetary system to be utilized by all across the globe.
Mike Brock emphasized the present shortcomings in the purchase of BTC, like a complete reliance on the custodial services, which are centralized, such as Cash App for exchanging fiat money. That is why, he added, TBD is looking forward to giving a solution for this problem by offering non-custodial wallets to the consumers existing anywhere on the globe via an exchange for a decentralized economy. He further explained that the platform would be completely public in nature and would use an open protocol as any of the wallets will be able to utilize the service.