Twitter’s CEO once again expresses his strong support for the Bitcoin marketplace. This time he calls for the creation of a decentralized exchange. This task will be handled by a team created especially for this purpose.
TBD and its most important goal
In a post that Jack Dorsey posted on Twitter on July 27, he calls on his followers to create a decentralized exchange for Bitcoin. This was in response to Mike Brock, who leads strategic development for the Square Cash App, and is also a leading figure for TBD, a special unit Square set up in July whose activities have not yet been publicly explained.
Although it is Jack who reveals TBD’s strategy for the near future, we learn more from Mike’s tweets, who talks about the plans as follows:
“There has been a lot of speculation about what TBD is and is not. Over the past few weeks our team has been determining what needs to be determined.
We believe that Bitcoin will be the native currency of the internet. There are many projects to help make the internet more decentralized. We focus solely on a robust global monetary system for all. But there are still a few pieces missing in all of this that we think are crucial. (…) This platform will be entirely publicly developed, open-source, open-protocol and any wallet can use it.”
What is a decentralized exchange?
A decentralized exchange (DEX for short) is a platform that enables the exchange of crypto assets, without the need for a third party. Such transactions take place exclusively between two interested parties and most often allow for an immediate transfer of funds. This type of asset exchange corresponds perfectly to the idea behind Bitcoin itself.
The idea of a decentralized exchange is important here because, in Brock’s opinion, centralized exchanges are not uniformly available around the world. DEX from Square has the potential to solve this problem. The new creation is supposed to be so market-driven that it should operate without the need for approval from individual regulators. He also added that the exchange will take care of the verification of each of its users and will comply with AML standards.
Jack Dorsey’s commitment to Bitcoin
A decentralized exchange for Bitcoin, is another project that Jack is developing. He is known for his efforts to create an easy-to-use hardware wallet. He is also looking for solutions to enable Bitcoin payments for Twitter services. Square, the company he manages, is one of the largest institutional investors in BTC. Moreover, he himself admitted several times that he is personally involved in the development of the oldest cryptocurrency network. The idea behind Jack’s creation of Bitcoin DEX is another piece of this already quite complex puzzle.