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Jack Dorsey is building a Decentralized Bitcoin Exchange

Şükriye Akdeniz

Aug 30, 2021

Jack Dorsey announces startup TBD will create a decentralized Bitcoin exchange

Twitter and Square CEO Jack Dorsey had previously announced that Square would develop a new solution that focused on bitcoin. Square's new solution was planned as a developer platform, and the main purpose of the platform was to make it easier to build decentralized financial services. Square's new solution was named TBD.
Then, Twitter and Square CEO Jack Dorsey announced that the newly formed TBD will create a decentralized Bitcoin exchange. Mike Brock, head of the division, stated that the process of acquiring the leading cryptocurrency includes the central and custody services of the likes of Coinbase.
TBD plans to create a permissionless open-source exchange that will be specific to Bitcoin. However, the head of the department added that the unit will also consider other blockchains that will act as bridges. However, in a statement on his Twitter account, Brock stated that the main problem TBD is currently trying to solve is cost and scalability. After Jack Dorsey announced last week that he was mining Bitcoin, the payments company confirmed that it plans to create a Bitcoin hardware wallet.
“We’d love for this to be bitcoin-native, top to bottom. and that’s leading us to consider things like @rsksmart. However, the gaps needed to build this may be too large, which would also have us consider other chains as a bridge.”

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