Business

Jack Dorsey’s Square plans to build a platform for Bitcoin DEX

Dorsey is known for being a strong backer of Bitcoin and this move was further explained by the project leader, Mike Brock.

Published

1 year ago

August 28, 2021

Newsroom Staff

Bitcoin ready for next ride? Twitter CEO planning a Bitcoin wallet

New Delhi: Square’s CEO Jack Dorsey has revealed that he is working to develop a platform for building a decentralised Bitcoin exchange. Dorsey took to Twitter and wrote, We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin.

Dorsey is known for being a strong backer of Bitcoin and this move was further explained by the project leader, Mike Brock. According to him, TBD is an unnamed unit of Square Inc but as the name depicts it would be focused on building a decentralized exchange for Bitcoin. It will work to make it easy to fund a non-custodial wallet anywhere in the world through this plaform.

In a long Twitter thread, he explained the project read: Read here

There’s been a lot of speculation about what TBD is and isn’t. Over the last few weeks our team has been determining what needs to be determined. We wanted to finally share our direction, and we have some questions.

We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.

— Mike Brock (@brockm) August 27, 2021

We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.

Getting bitcoin today typically involves exchanging fiat at a centralized and custodial service like @CashApp or @Coinbase. These on- and off-ramps to Bitcoin have a number of issues, and aren’t distributed evenly around the world.

This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize exchange for fiat.