A decentralized exchange on Bitcoin (BTC
) – Square through its TBD project wants to build a native Bitcoin DEX. The latter would make it possible to dispense with centralized exchanges to exchange fiat for Bitcoin.
A Bitcoin DEX in Square’s labs
Square and Twitter founder Jack Dorsey unveiled in a tweet on August 27, 2021, the plans for TBD, which plans to build a decentralized exchange on Bitcoin.
Jack Dorsey’s publication – Source: Twitter
TBD is a new project from Square with a focus on Bitcoin and centered on “building an open platform for developers with the sole purpose of facilitating the creation of non-custodial, permissionless, and decentralized financial services
According to Mike Broke, director of TBD and executive of Cash App – Square’s mobile app, the new DEX would be “Bitcoin native, top to bottom”. It will be 100 percent open-source and without permission or “a foundation or governance model that TBD controls.”
Broke defends Bitcoin as the future currency of the internet, a vision that would justify the network’s choice to build this DEX over alternatives like Ethereum (ETH)
“We believe that Bitcoin will be the native currency of the Internet. While there are many plans to make the Internet more decentralized, we are solely focused on a strong global monetary system for all.”
A fiat DEX with KYC/AML compliance
Broke emphasized that this DEX would be in a decentralized fiat exchange with the objective of:
“Facilitating the funding of non-depository wallets around the world with a platform to build on-ramps and off-ramps to Bitcoin.”
People wishing to buy or sell Bitcoins will thus no longer need to “exchange fiat with a centralized, depository service like @CashApp or @Coinbase.”
And while this is a DEX, Broke clarified that “entities trading fiat for cryptocurrencies will need to comply with KYC/AML laws.”
Jack Dorsey continues to support Bitcoin via this new DEX in the making. Dorsey previously announced Square’s plans to <a href=”https:/
/journalduoin.com/news/jack-dorsey-not-that-twitter-square-digital-wallet-bitcoin/” target=”_self” rel=”noopener”>developing a hardware BTC wallet. TBD should theoretically release other Bitcoin-based financial services, allowing Bitcoin to compete with Ethereum in the DeFi space.
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