After Jack Dorsey announced in July that he was working with Square on his own Bitcoin wallet, the next step is now coming: a decentralized Bitcoin exchange. What it’s all about.
Known as a Bitcoin supporter, Jack Dorsey has now let it slip on Twitter that he’s planning a decentralized Bitcoin exchange. Or at least he and his team at Square are exploring options for a possible implementation. Because Satoshi Nakamoto, in the white paper he published in 2008, planned Bitcoin not as a centralized concept – but as a decentralized currency. Dorsey referred to the Twitter user “TDB54566975” in his tweets. Behind this account is one of his work colleagues at Square: Mike Brock.
Brock, meanwhile, is rumored in Twitter circles to be the head of a possible decentralized Bitcoin exchange for Square – or at least one of the driving forces behind it. These rumors aren’t entirely far-fetched. After all, Brock heads up TBD, Square’s cryptocurrency and decentralized finance business unit.
Mike Brock tweeted about the plans around a decentralized crypto exchange:
You can think of it like a decentralized exchange for fiat money. The platform should be publicly accessible, compatible with any wallet. The decentralized Bitcoin exchange is to be open source.
Similar to his boss, Brock is also convinced of the future of Bitcoin. For he further concretized his opinion on Bitcoin in another tweet:
We believe Bitcoin will be the native currency of the internet. While there are many projects out there to help make the internet more decentralized, our focus is solely on a solid global monetary system for all.
Brock has held various other leadership roles prior to his current position, such as at payment service provider Cash App. He was also responsible for “Square Crypto”, which is an independent open source initiative working towards a more accessible global financial system.
Hardware wallet for Bitcoin
Square is considering making a hardware wallet for #bitcoin
. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles. – jack️ (@jack) June 4, 2021
In June 2021, Jack Dorsey announced that his company Square plans to launch its own Bitcoin wallet. With the goal of making Bitcoin more mainstream and giving a wider range of people a way to use Bitcoin in their daily lives. Circa en a month later, on July 8, Jesse Dorogusker, who is responsible for Square’s hardware, then announced on Twitter:
We’ve decided to develop a hardware wallet and service to bring bitcoin custody more into the mainstream. We will continue to openly ask and answer questions. The community response to our thread on this project has been great – encouraging, generous, collaborative, and inspiring.
Square, Inc. was founded in 2009 by Buzz Andersen, Jack Dorsey and Jim McKelvey. According to the Wall Street Journal, Square has 5,477 employees, $9.5 billion in revenue, and a market capitalization of $123.2 billion. The company’s mission is to simplify commerce through technology. This allows sellers who use Square to make their business processes more efficient.