Square CEO Jack Dorsey said that the platform's latest Bitcoin (BTC) venture would be to develop a decentralized exchange.

In a Fri tweet, Dorsey said that "TBD" — either referring to the fact the business concern' proper noun has withal to exist determined or simply the name itself — would be focused on edifice a decentralized substitution for Bitcoin.

According to project leader Mike Brock, TBD, a unit of Square, aims to "make it easy to fund a not-custodial wallet anywhere in the earth through a platform to build on- and off-ramps into Bitcoin." The business said it wants the decentralized exchange to be "Bitcoin-native, top to bottom," every bit well as completely open up-source and permissionless, with "no foundation or governance model that TBD controls."

"Our idea for the fiat DEX is something the enduser shouldn't even need to know is there, and any wallet or service tin can integrate with," said Brock, calculation the exchange would be in compliance with Anti-Money Laundering and Know Your Client laws.

Related: Bitcoin is key to the future of Twitter, Jack Dorsey says

Dorsey announced in July that Square was developing a "non-custodial, permissionless, and decentralized financial services" business whose "primary focus is Bitcoin." The unveiling of the TBD project came after Square said it would be exploring the development of an open-source BTC hardware wallet.