Jack Dorsey’s Square announces plans for Bitcoin DEX
Square Inc (NYSE 🙂 will build a decentralized exchange as part of its TBD project.
Key points to remember
- Jack Dorsey, CEO and Founder of Square, has announced plans to create a Decentralized Exchange (DEX).
- Mike Brock, who will lead the project, also described the DEX as a ramp in and out for crypto wallets.
- Square’s TBD project will undertake the effort.
Dorsey announces TBD leadership
“We have determined [TBD’s] direction ”, Dorsey wrote on Twitter on Friday, August 27.[The project will] help us build an open platform to create a decentralized exchange for. “
Dorsey initially in July, stating that it would serve as the open and core development platform for various DeFi services.
Mike Brock, Managing Director of TBD in Square, also commented on today’s effort. He said there has been “a lot of speculation about what TBD is and is not”.
He went on to explain that the project will simplify the process of funding a non-custodial wallet without using custodial exchanges like Square’s Cash app and Coinbase Global (NASDAQ :). He added that this will be done by creating entry and exit ramps in Bitcoin.
“You can think of this as a decentralized fiat exchange,” Brock concluded in his series of tweets. He added that it will also be open source and unauthorized and will work with any crypto wallet.
The effort is different from Square Crypto
Unlike Square Crypto, which funds the development of Bitcoin in general, TBD has a slightly different scope. Dorsey said the effort will unite Square’s Seller and Cash App services along with its recently acquired music service, Tidal.
To date, Square Crypto has funded several crypto projects. He is currently working on an open hardware wallet for Bitcoin.
In addition to its development efforts, Square has invested heavily in cryptocurrency. The company currently holds over 8,000 BTC, roughly the equivalent of $ 393 million at current prices.
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