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Jack Dorsey wants to build a decentralized exchange for bitcoin

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Indrani bose Follow

INDIA

Aug, 28 2021

Aug, 28 2021

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In a Friday tweet, Twitter and Square CEO Jack Dorsey announced updating the last month’s declaration on the new Bitcoin-centric division called TBD project, that it will be an open-source platform service for decentralized Exchanges (DEX) dedicated to Bitcoin (BTC).

A decentralized exchange is a system for trading wherein no central party has custody or control of funds that pass through it. The company said TBD is intends to make a fully permissionless exchange with “no foundation or governance model that TBD controls”. As per TBD project head Mike Brock, getting bitcoin typically involves exchanging fiat at a centralized and custodial service like through CashApp or Coinbase. Square’s Cash App is a popular way for people to buy and sell Bitcoin. These on- and off-ramps to Bitcoin have a number of issues, and aren’t distributed evenly around the world. This new project will allow users to fund a non-custodial wallet anywhere in the world through the platform to build on- and off-ramps into cryptocurrency. Also they planned the decentralized exchange to be “Bitcoin-native, top to bottom,”. They are intending to create service that enables users to fund any kind of Bitcoin wallet including those not hosted by a centralized exchange or service using fiat currency. As per Dorsey the business’ name has yet to be determined or simply the name itself.

Also Read | Jack Dorsey’s Square Inc to acquire Afterpay for $29 billion

Brock said “this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use.” He highlighted that the exchange would follow Anti-Money Laundering and Know Your Customer laws. Although as per Broke exact design principles for this project is not yet designed out. As per Brock, though the company now moves in the direction, but there are still “gaps” ahead regarding to cost scalability and the ability to create an exchange infrastructure between digital assets, like stablecoins.


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Indrani bose

CBW - External Analyst

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