Twitter CEO Jack Dorsey to Launch a Decentralised Exchange for Bitcoin
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On Friday, the CEO of Twitter and Square, Jack Dorsey has disclosed that Square Inc. Is building a decentralized exchange for a cryptocurrency called “TBD”
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The billionaire revealed that TBD will be a fully permissionless and decentralized exchange that is built around Bitcoin
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The project’s lead Mike Brock stated that the platform will make it easy to fund a non-custodial wallet anywhere in the world
On Friday, the CEO of Twitter Jack Dorsey has disclosed that his other company Square Inc. is in the process of creating a decentralised exchange (DEX).
Jack who initially talked about DEX called called “TBD” or the “TBD BTC DEX has given more details about the direction of the project.
TBD will be a fully permissionless and decentralized exchange that revolves around Bitcoin and will provide users with multiple options for exchanging fiat currencies for BTC.
What is a Decentralized Exchange?
Unlike popular exchanges such as Binance, a DEX has no centralized intermediary monitoring the swap of tokens.
Jack Dorsey shared the link to a thread by the project’ lead Mike Brock, which explained the plans of the DEX.
Mike Brock’s tweet read;
“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.”
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Brock revealed that Square plans to create a platform where users to fund any kind of Bitcoin wallet using fiat currency.
The company has however failed to reveal a launch date for the Decentralized exchange.
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