Twitter boss's funny Bitcoin plans

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.

Square à travers TBD envisage de lancer un exchange décentralisé natif 100% Bitcoin.Square à travers TBD envisage de lancer un exchange décentralisé natif 100% 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.”

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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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