A clearer picture of Dorsey's decentralized BTC exchange

Twitter founder Jack Dorsey confirmed that the direction of his Bitcoin (BTC) related business, TBD, has been set.

The Sponsored

CEO called out to his followers on Twitter

on August 27, asking for help in building “an open platform to create a decentralized exchange for #Bitcoin …”

That tweet came in response to a lengthy thread that Mike Brock released around the same time. Brock, who leads strategic development for Square’s Cash App, is also a leading figure with TBD. He took to Twitter to reveal the development of the project. Started

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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 are solely focused 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.

Brock further stated that centralized “on- and off-ramps” to BTC, such as Coinbase and Cash App, have several issues. In addition, he said that centralized services are not evenly distributed around the world. In another tweet, he wrote

:

That’s the problem we’re going to solve. Let’s make it easy to fund a non-custodial wallet anywhere in the world through a platform to build an on- and off-ramp to Bitcoin. We can think of it as a decentralized exchange for fiat.

This platform will be entirely publicly developed, open-source, open-protocol and any wallet can use it.

Jack Dorsey first suggested

the direction of a decentralized financial services business back in July. In his thread, he revealed that BTC would be the main focus of the business. Dorsey’s

recent cryptocurrency deals

The

CEO of Square and Twitter, Dorsey has been a high-profile figure in the cryptocurrency space, voicing his opinions on many of the larger issues affecting the sphere this year. The recent infrastructure bill and environmental issues surrounding BTC, to name a few. In the latter case, the executive joined <a href=”http

s://beincrypto.co.uk/learn/elongate-cena-opinions/” target=”_blank” rel=”noopener”>Elon Musk and Cathie Wood to discuss the implications of BTC mining, among other issues.

Meanwhile, Dorsey also suggested bringing Twitter one step further into the realm of cryptocurrencies. Namely, by integrating Lightning wallets with the social media platform. The CEO issued a suggestive response to another user’s tweet, which claimed that if Twitter accounts could store non-convertible tokens(NFTs), it would benefit Ethereum (ETH) and not Twitter itself. Agreeing, Dorsey then dropped a hint about each Twitter account potentially linking to the Lightning wallet.

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