Twitter CEO Jack Dorsey to Develop a Decentralized Exchange for Bitcoin
Dorsey is creating a cryptocurrency exchange with his mysterious startup TBD.
With the boom of cryptocurrency, it's only a matter of time before most large employers join the trend. Now, it is Twitter CEO Jack Dorsey who is more than interested in entering the world of digital currency. Dorsey revealed his plans to create a decentralized Bitcoin exchange through his mysterious startup TBD.
In mid-July, Dorsey confirmed the creation of TBD, a division of payments firm Square, also owned by him. Without making its function very clear, he only pointed out that it is "an open development platform with the sole objective of facilitating the creation of decentralized financial services, without custody and without permission," focusing on Bitcoin.
Like our new #Bitcoin hardware wallet, we're going to do this completely in the open. Open roadmap, open development, and open source. @brockm is leading and building this team, and we have some ideas around the initial platform primitives we want to build.- jack (@jack) July 15, 2021
Dorsey explained his plans for TBD through his own social network.
“We have determined the direction of TBD - help us build an open platform to create a decentralized exchange for #Bitcoin,” wrote Jack Dorsey, quoting a thread from Mike Brock, TBD General Manager at Square, which further detailed the project.
So what is TBD, Jack Dorsey's Bitcoin startup?
"There has been a lot of speculation about what TBD is and is not," Brock wrote. “We believe that Bitcoin will be the native currency of the Internet. While there are many projects to help make the Internet more decentralized, our focus is solely on a strong global monetary system for all."
In the series of tweets, Brock explains that currently getting Bitcoins "involves the exchange of fiat currency in a centralized and custodial service such as CashApp or Coinbase." In addition, these types of platforms are subject to different restrictions and regulations for users in different countries.
"This is the problem that we are going to solve: to facilitate the financing of a non-custodial wallet anywhere in the world through a platform to build entry and exit ramps in bitcoin," continued the general manager of TBD.
"You can think of this as a decentralized fiat money exchange," the executive said. "We would love for this to be native to bitcoin, top to bottom," he added in another message.
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"This platform will be fully developed in public, open source, open protocol, and any wallet will be able to use it," wrote Brock. "There is no foundation or model of government that controls TBD."
So far, there is no popular exchange for Bitcoin that is decentralized or that has managed to massively implement payments with Bitcoin and other digital currencies.
In addition to Mark Zuckerberg, owner of four of the most popular apps in the world (Facebook, Instagram, WhatsApp and Messenger), Dorsey is another great candidate to boost payments with cryptocurrencies from social networks. The latter has on hand the entire infrastructure of Twitter, which last January had 353 million users, according to a Hootsuite report. That's a good number for the initial user base of a Bitcoin platform.