Twitter CEO Jack Dorsey is working to develop a platform to create a decentralized Bitcoin exchange. Dorsey, who is also the chairman of payments company Square Inc., confirmed in a tweet that Square is now focused on working on an unregulated exchange for the cryptocurrency. Known to be a strong supporter of Bitcoin, Dorsey tweeted that “TBD54566975” will set up a decentralized exchange for Bitcoin.
Square inc to create a decentralized exchange for Bitcoin
“We set the direction for @TBD54566975: Help us build an open platform to build a decentralized exchange for #Bitcoin,” Dorsey said in a tweet on Friday. The move was further explained by project lead Mike Brock, who disrupted the process. According to Brock, “TBD” is an unnamed unit of Square Inc that is working to “make it easier to fund a custody-free wallet anywhere in the world through a platform to generate ins and outs of Bitcoin.”
In the Twitter thread announcing the plan, Brock said, “We believe Bitcoin will become the local currency of the internet. While there are many projects that will help make the internet more decentralized, our focus is solely on a sound global monetary system for everyone. But including them all requires a few pieces that we think are missing.” Brock went on to add that Bitcoins are not evenly distributed around the world.
“This platform is fully public, open source, will be developed on open protocol and any wallet will be able to use it. TBD has no underlying or management model that it controls. Permit or bust. Some of the gaps we’re seeing right now have to do with cost and scalability. Yıldırım solves this with payments. “We need a solution for the exchange infrastructure between digital assets such as stablecoins.” Learning from the tweets, many believe that the company can actually create a fast and secure platform to exchange Bitcoin in a more efficient and decentralized way. Bitcoin has been in an uptrend recently since hitting a low over a month ago.
Jack Dorsey’s takeover of Bitcoin
Earlier in July, the Twitter CEO promoted Bitcoin by calling it the “local currency” of the internet. Earlier, at the Bitcoin 2021 conference in June, Dorsey said, “If (Bitcoin) needed more help than Square or Twitter, I would leave them for Bitcoin.” Citing financial payments startup Square, he reported that the company is looking forward to creating a hardware wallet for Bitcoin.