Square and Twitter CEO Jack Dorsey is building a decentralized exchange for Bitcoin (BTC).
The tech mogul broke the news to his 5.6 million Twitter followers on Friday after first announcing last month that Square was developing a new business, called TBD, focused on creating decentralized finance (DeFi) services for Bitcoin (BTC).
We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin https://t.co/jHYWHy1qmu
— jack (@jack) August 27, 2021
Mike Brock, general manager of TBD, says he believes Bitcoin will be the “native currency of the internet.” Brock argues, however, that certain goals must be achieved before BTC can serve as “a sound global monetary system for all.”
“Getting Bitcoin today typically involves exchanging fiat at a centralized and custodial service like CashApp or Coinbase. These on- and off-ramps to Bitcoin have a number of issues and aren’t distributed evenly around the world.
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 says that the team plans to develop an open-source, open-protocol, permissionless platform that TBD doesn’t control. He adds that they’ve been looking at RSK, a secure smart-contract platform.
“We’d love for this to be Bitcoin-native, top to bottom. And that’s leading us to consider things like RSKsmart. However, the gaps needed to build this may be too large, which would also have us consider other chains as a bridge.
Some of the gaps we currently see are around cost and scalability. Lightning is solving for this with payments. We need a [solution] for exchange infrastructure between digital assets, like stablecoins.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Salamander Nebula
