This version does not actually do any conversion but it allows the flexible copying of data under in a win32 environment.
According to Wikipedia dd means the following
dd is a common Unix program whose primary purpose is the low-level copying and conversion of raw data. According to the manual page for Version 7 Unix, it will “convert and copy a file”. It is used to copy a specified number of bytes or blocks, performing on-the-fly byte order conversions, as well as more esoteric EBCDIC to ASCII conversions. It can also be used to copy regions of raw device files, for example backing up the boot sector of a hard disk, or to read fixed amounts of data from special files like /dev/zero or /dev/random.
dd is an allusion to DD found in IBM JCL, and the command’s syntax is meant to be reminiscent of it; in JCL, “DD” stands for Data Description. The Jargon File states that it is rumored to have been based on IBM’s JCL, and the syntax may have been a joke. Another explanation of the name is that dd is named “dd” because “cc” for “convert and copy” (as mentioned above) was already taken by the C compiler.”