American financial services firm Square's CEO Jack Dorsey unveiled the building of a new platform TBD, which will deliver non-custodial, publicly available DeFi services. The network will join Seller, Cash App, Tidal and will maninly target BTC.
Related: Square Begins the Development of BTC Hardware Wallet
Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.
— jack (@jack) July 15, 2021
In another tweet, Dorsey says that the product will be entirely open as the BTC hardware wallet by the team. This refers to the roadmap, development process, and source. The strategic development lead will be Mike Brock.
TBD differs from Square Crypto. As Dorsey explains, Square provides only funding to SqCrypto, not giving direction to it. Square crypto is being developed by Lightning Development Kit.
There will be established Twitter and Github accounts to provide further news on the project’s creation. Recently, Square disclosed its intention to create a BTC hardware wallet.
The company is among the major BTC investors. The latest purchase it made was in February. Then Square acquired about 3318 coins worth $170 M.
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Square’s first major investment in BTC was in October 2020, when the firm bought $50 M worth of coins.