Tech leader Jack Dorsey wants to create decentralized exchange for Bitcoin

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Jack Dorsey, the American billionaire who is the co-founder and CEO of the microblogging platform Twitter and the CEO of payment solutions provider Square, says he intends to build a decentralized exchange for Bitcoin.

Square was founded in February 2009, just one month after Bitcoins’ initial release. The three co-founders are Jack Dorsey, Jim McKelvey and Tristan OTierney.

Four years after the launch of Venmo, PayPal’s peer-to-peer (P2P) mobile payment solution, Square (whose founder and CEO is Jack Dorsey) launched a competitor called Square Cash, a beautiful, simple and fun app. to use, which was later renamed to Cash App.

Cash App, which is one of the most popular products from Squares, allows a user to request money and transfer money to another user. Users can withdraw the money through a Visa debit card called Cash Card or by transferring it to a bank account.

On July 15, Dorsey revealed on Twitter that Square is creating a new division (with a name to be determined in the future) whose main goal is to create an open, Bitcoin-focused development platform that will facilitate decentralized construction. financial services. He went on to say that everything about this new business would be done in a completely open / transparent manner:

Like our new #Bitcoin hardware wallet, we were going to do this completely short. Open roadmap, open and open source development. @brockm is leading and building this team, and we have some ideas for the initial platform primitives we want to build.

jack (@jack) July 15, 2021

He also explained how this new division of Square would be different from the existing Square Crypto division:

Well set up Twitter and github accounts soon and update this thread to know where to find them.

jack (@jack) July 15, 2021

In a tweet posted last Friday (August 27), Dorsey told her 5.6 million followers that Square was designing a decentralized exchange for Bitcoin. The tweet came as a revelation for the TBD project previously announced by Squares, which will focus on decentralized finance (DeFi) services.

Dorseys’ tweet was in response to a comment from Mike Brock, managing director of TBD. In a series of tweets published the same day, Brock said his team believed Bitcoin would become the internet’s native currency. Brock explained that the new project would focus only on creating a healthy global monetary system for all.

The CEO pointed out the current drawbacks of buying Bitcoin, including a heavy reliance on fiat exchange through centralized custody services such as Cash App or Coinbase. Brock said TBD intends to solve the problem of providing a non-custodial wallet to users all over the world through decentralized exchange.

Getting bitcoin today usually involves exchanging fiat through a centralized and custodial service like @CashApp or @Coinbase. These entry and exit ramps to Bitcoin present a number of issues and are not distributed evenly around the world.

Mike Brock (@brockm) August 27, 2021

He went on to explain that the platform will be fully developed publicly, open source and open protocol, and any wallet will be able to use the service. He also insisted that the new exchange would not have a foundation or governance model over which TBD could have control, concluding Without Clearance or Bust.

Disclaimer

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading crypto-assets carries a risk of financial loss.

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