Jack Dorsey is Planning to Create Decentralized Bitcoin Exchange

The CEO of Twitter and Square, Jack Dorsey, shared a tweet on Friday that Square, his payment company, focused on the generation of an open developer platform, has plans to create a decentralized Bitcoin exchange. As revealed, TBD54566975 would be focused on the creation of a decentralized exchange for BTC.

Jack Dorsey of Square and Twitter Plans to Create Decentralized Bitcoin Exchange

Jack Dorsey, the mind behind Square and Twitter, shared a tweet that said:

“We’ve determined @ TBD54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin.”

In accordance with Mike Brock, the leader of the project:

“TBD, which is an unnamed unit of Square, is aiming to make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin.”

The business revealed that it desires the decentralized exchange to be Bitcoin-native, top to bottom,” as well as completely open-source and permissionless with “no foundation or governance model that TBD controls.”

In addition to this, Mike Brock said:

“Our idea for the fiat DEX is something the end-user shouldn’t even need to know is there, and any wallet or service can integrate with.”

Moreover, he revealed that the exchange will be following Anti-Money Laundering and KYC laws.

Announcements Regarding Launch of New Business

Back in the month of July, Dorsey made an announcement in a series of tweets that Square would be launching a new business in order to make it easier to offer decentralized financial services.

Since the moment, the flagship cryptocurrency hit a low of $29,360 just a month ago, Bitcoin has been on a bull run, as Bitcoin has been trading at $50K level on Monday.

Though the price of Bitcoin fell to the level of $46K recently, it is still managing somewhere around $50K.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Twitter Jack Dorsey Square Decentralized Bitcoin Exchange

Jack Dorsey is Planning to Create Decentralized Bitcoin Exchange

Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.