Jack Dorsey has officially shut down TBD, the decentralized platform he launched under his fintech company Block (formerly Square) with the aim of creating an open-source network for global payments.
TBD, named after its open-ended mission “to be determined,” had promised a transparent, accessible, and decentralized financial system powered by blockchain technology.
Why it matters
Dorsey’s exit from TBD signals a shift in his vision for decentralized finance (DeFi). Known for his unwavering support of Bitcoin, Dorsey championed TBD as a way to democratize finance and reduce dependence on traditional banking.
The move raises questions about the viability of fully decentralized projects in an evolving regulatory landscape, where skepticism and compliance pressures are mounting.
Between The Lines
Earlier this year, TBD announced a partnership with African fintech Chipper Cash to integrate with the tbDEX protocol to power cross-border payments and decentralized identity use cases for individuals and businesses on the African continent
What’s next:
- For Block: Dorsey’s company will pivot its focus toward other projects, including its Bitcoin-based development ventures.
- For crypto: The decision adds to the trend of tech leaders recalibrating or stepping back from blockchain-based projects amid a complex regulatory environment.
The big picture
TBD’s closure comes as the crypto industry grapples with regulatory crackdowns and a cooling investment climate. Dorsey’s pivot away from decentralized finance underscores the challenges of scaling open, peer-to-peer networks within traditional financial frameworks.
Source: Techcrunch
