Jack Dorsey to spearhead development of a decentralized Bitcoin exchange

Jack Dorsey, head of Twitter, spoke about work on the open TBD platform to create a decentralized Bitcoin exchange (DEX) built on his Square payment company.

We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin https://t.co/jHYWHy1qmu

— jack⚡️ (@jack) August 27, 2021

The head of Square’s Cash App payment unit and TBD lead Mike Brock offered further details.

“We believe that Bitcoin will become the native internet currency. While many projects are working to increase internet decentralisation, our focus is squarely on a reliable global monetary system for everyone,” he wrote.

According to Brock, today acquiring Bitcoin is done through centralised services such as Cash App and Coinbase. He is convinced that the platforms face a number of issues, and they are not evenly distributed around the world.

Getting bitcoin today typically involves exchanging fiat at a centralized and custodial service like @CashApp or @Coinbase. These on- and off-ramps to Bitcoin have a number of issues, and aren’t distributed evenly around the world.

— Mike Brock (@brockm) August 27, 2021

“This is a problem we will solve. […] You can think of the project as a decentralized fiat exchange. As we have said, the platform’s development will be fully public, with open-source code and an open protocol, supporting any wallet,” Brock stressed.

He also added that there will be no organisation or governance model to control TBD.

As we said, this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use. No foundation or governance model that TBD controls. Permissionless or bust.

— Mike Brock (@brockm) August 27, 2021

Representatives of the non-custodial cryptocurrency platform Bisq suggested discussing a collaboration with Dorsey.

“We’ve spent the last five years building Bisq v1 to be the go-to peer-to-peer DEX for bitcoin power-users. Right now we’re working on the second version,” the developers wrote.

.@jack — we’ve spent the past 5+ years building Bisq v1 to be the go-to peer-to-peer DEX for bitcoin power-users.

We’re working on v2 right now to take on everyone else.

Let’s talk. Our heads together could result in something better than any of us could imagine.

. https://t.co/LVnVwfbKN7

— Bisq (@bisq_network) August 27, 2021

In 2019, Bisq developers unveiled a new version of the DEX, which they described as “the most important milestone in the platform’s development.”

Recall that in July Dorsey and Brock revealed the first details about TBD. According to the Twitter head, the platform for non-custodial, inclusive, and DeFi services is intended to adhere to the principles of “full openness.”

Earlier Square announced the development of a hardware wallet and a service for storing Bitcoin. The development team was led by Square’s Head of Device Security, Max Giz.

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