Square to Establish Decentralized Bitcoin Exchange

Jack Dorsey, CEO of American financial services and digital payments company Square, revealed on Twitter last Friday that the new TBD division of Square has decided on the direction to create a decentralized exchange for Bitcoin.

Mike Brock, who is responsible for this project, said that it took the entire team several weeks to decide the new department of TBD. He also stated that this platform will not be under the foundation or governance model controlled by TBD and will be entirely developed in the public, open-source, open protocol, and any wallet will be used. 

Mike Brock wrote separately on Twitter that:

“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 decentralized exchange for fiat.”

Brock said that the square team believes that Bitcoin will become the native currency of the Internet in the future, promoting the decentralization of the entire Internet system. That square has been committed to establishing a sound global currency system.

As reported by Blockchain.News on July 16, Jack Dorsey announced that Square is actively creating a new non-custodial, permissionless, and decentralized financial services business platform, mainly focusing on bitcoin, the mainstream virtual currency.

Despite the fact that Bitcoin’s lightning payment shortens the current cost and scalability gap, it cannot solve the exchange infrastructure between digital assets, such as stable coins. 

Image source: Shutterstock