Jack Dorsey announces building a decentralized Bitcoin exchange
Square’s “TBD” unit is creating a “non-custodial, permissionless, and decentralized financial services” business with a “primary focus on Bitcoin.”
The plan to build a decentralized bitcoin exchange was announced on Friday when Square and Twitter CEO Jack Dorsey send out Tweet asking the community for “help”.
— jack (@jack) August 27, 2021
Reaffirming their believe that Bitcoin will become the native currency of the internet, Mike Brock, the project’s lead, followed with a couple of tweets providing some more information on the the project and said:
“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[d] exchange for fiat.”
“We’d love for this to be Bitcoin-native, top to bottom,” Brock added. He also noted any wallet would be able to use the platform as ir would “be entirely developed in public, open-source, open-protocol.”
“Gaps around cost and scalability,” as Brock noted, were a key driver for the project and that TBD needed “a solve for exchange infrastructure between digital assets, like stablecoins.”
The project’s lead further assured that their new decentralized the exchange would be in full compliance with existing Anti-Money Laundering and Know Your Customer laws.
The news follow after Square had already announced to be working on a Bitcoin wallet in July and in light of that it is not much of a surprise.
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Author: Peter Siu