Now Jack Dorsey and Square have taken it a step further. Square\u2019s new TBD division is developing a Bitcoin-centric Decentralized Exchange (DEX). The platform will be accessible and open-source, yet users will be able to fund their wallets with fiat currency.<\/p>\n
Related Reading |\u00a0Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey<\/em><\/strong><\/p>\n \u201cWe\u2019ve determined @TDB54566975\u2019s direction: help us build an open platform to create a decentralized exchange for #Bitcoin\u201d Dorsey\u00a0tweeted.<\/p>\n DEXs don’t have a centralized intermediary that oversees the token swaps. A decentralized exchange does not maintain an order book like a centralized exchange, which typically facilitates trades between users by posting individual buy and sell orders. Users exchange tokens directly with each other, unlike other exchanges. Additionally, fiat currency cannot be used in a DEX, which lacks access to traditional financial institutions and has no know-your-customer compliance procedures.<\/p>\n BTC price falls below $49K | Source: BTCUSD on TradingView.com<\/p>\n Jack Dorsey\u2019s tweet quoted an extensive thread by Square executive Mike Brock, TBD project head, who outlined the potential development paths for the open-source DEX.<\/p>\n \u201cWe believe Bitcoin will be the native currency of the internet. While there are many projects that will help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think we are missing.\u201d Brock said in one of his tweets.<\/p>\n Mike Brock revealed that TBD is planning to make it easier for people all around the world to fund a bitcoin wallet that is not custodial via a platform that enables them to create on-and-off ramps into bitcoin. He said to think about it as a \u201cdecentralize exchange for fiat\u201d.<\/p>\n As he acknowledged, there are many gaps to be filled, and the TBD team may not be able to resolve all of the problems alone without using the help of other blockchains. \u201cThe gaps needed to build this may be too large, which would also have us consider other chains as a bridge,\u201d he wrote.<\/p>\n<\/p>\n
The Future Of Square’s TBD<\/strong><\/h2>\n