Jack Dorsey wants to create a decentralized exchange
Jack Dorsey, CEO of Square and Twitter, announced that TBD, the payment giant’s new division, plans to build a decentralized exchange (DEX) focused on Bitcoin (BTC). In July, Jack Dorsey said the company was working on creating an “open source platform” to deliver BTC-centric financial services.
Mike Brock, who has been appointed to lead the initiative, explained:
“Getting BTC today usually involves trading currencies through a centralized, custodian service like CashApp or Coinbase. These access and exit ramps have a number of shortcomings and are not uniformly present in the world. “
Ainisi, Square wants to develop a decentralized exchange that is fully “native Bitcoin, top-to-bottom” and 100% open source with “no foundation or governance model that Square controls.” “
Mike Brock noted that the Lightning Network (LN) solves scalability issues in payments, but a similar infrastructure is needed to trade assets on the Bitcoin network.
A timetable for the launch of the DEX has not been communicated.
Jack Dorsey, Bitcoin maximalist
Jack Dorsey is one of the most fervent supporters of the most famous cryptocurrency. A convinced maximist, the founder of Twitter reiterated his love for BTC. He literally claimed that the original Bitcoin paper was poetry and continued:
“Bitcoin changes absolutely everything and I don’t think there is anything more important to work on in my lifetime.”
The entrepreneur also created a fund with rapper Jay Z to encourage the development of BTC around the world, starting with Africa and India.
More recently, the entrepreneur has embarked on Bitcoin mining through the Compass Mining service. This American platform allows individuals to mine Bitcoin with a reduced investment.
👉 To read on the same subject: Jack Dorsey announces to mine Bitcoin (BTC) with the Compass Mining platform
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About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFT).
All articles by Florent David.