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Square CEO Jack Dorsey to Build Decentralized Exchange

Square-Jack-Dorsey-Plans-Build-Decentralized-Bitcoin-Exchange
  • Jack Dorsey has just tweeted details about Square’s new division TBD’s direction.
  • The CEO is building a decentralized exchange for bitcoin.
  • In detail, the proposed platform aims to be open-source and open protocol.

Jack Dorsey’s setting sights on building a decentralized bitcoin exchange, after conquering the space for buying and selling bitcoin.

The Square and Twitter CEO tweeted on Friday that new division TBD is planning to build a decentralized bitcoin exchange. As such, the new division will be a subsidiary of Square and focuses on creating an open developer platform.

Calling to his 5.6 million strong Twitter community, the CEO tweeted:

Help us build an open platform to create a decentralized exchange for #Bitcoin.

Dorsey’s tweet was actually a response to Mike Brock, who is leading the TBD initiative. He also tweeted separately regarding it:

Following this, he also noted that TBD is planned to be entirely developed in public and be open-source and open-protocol. Ultimately, it intends to make a fully permissionless and decentralized service that is built around Bitcoin. However, the aim with it is still to provide users a variety of on-ramps for exchanging fiat currency for BTC.

Just last month, Dorsey had shared plans for Square to launch a new business that made it earlier to offer non-custodial, decentralized financial services.

Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.