Crypto News
| Published On Aug 28, 2021 9:13 am CEST  |  Updated on Sep 27, 2021 10:16 am CEST | By Peter Siu

Jack Dorsey Announces Building a Decentralized Bitcoin Exchange

Share

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”.

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.”

5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
Casino

“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.

Peter Siu

Peter is a former poker-pro, turned crypto enthusiast with 8+ years’ experience in operational roles dealing with all online gaming verticals within large iGaming companies, including Flutter and Entain. Now an expert in the field of Sports Betting, Casino, iGaming, and Poker, he is our team leader and editor. When not working, Peter can be found in the gym or playing sports like football, tennis and more recently padel.