Jack Dorsey Wants To Build A Decentralized Exchange For Bitcoin

By Author: Greg C. Ryan
Total Articles: 20
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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.

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