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August 29, 2021 10:09 pm

Jack Dorsey's Square Wants to Build a Decentralized Peer-to-Peer Bitcoin Exchange

Business Insider reports:Jack Dorsey, one of bitcoin's biggest advocates, is planning to build an open platform to create a decentralized exchange for bitcoin through TBD, his new business venture, according to his tweet Friday. A decentralized exchange is a type of cryptocurrency exchange that allows peer-to-peer transactions without the need for an intermediary. Dorsey retweeted an original tweet by TBD project leader Mike Brock, who offered some direction on where the unit is headed... First, Brock said his team believes that bitcoin will be the native currency of the internet. But the problem, he noted, is how trading bitcoin often involves exchanging fiat at a centralized and custodial service... "While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all...." His team wants to make it easy to fund non-custodial wallets globally through a platform that builds on- and off-ramps into bitcoin. Think of it as a decentralized exchange for fiat, he added, one that is "bitcoin-native, top to bottom.... this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use," Brock said. "No foundation or governance model that TBD controls. Permissionless or bust."

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