Twitter CEO Jack Dorsey plans to make Square a platform for decentralised Bitcoin exchange

Twitter CEO Jack Dorsey is working to develop a platform for building a decentralised Bitcoin exchange. Dorsey, who also heads payment company, Square Inc., confirmed through a tweet that Square is now focussed on working on an unregularised exchange for the cryptocurrency. Dorsey, who is known for being a strong backer of Bitcoin, tweeted that “TBD54566975” would build a decentralised exchange for Bitcoin.

Square inc to create a decentralised exchange for Bitcoin

“We’ve determined @ TBD54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey wrote in the tweet on Friday. The move was further explained by the project leader, Mike Brock, who broke down the process. According to Brock, “TBD” is an unnamed unit of Square Inc, which is working to “make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on-and off-ramps into Bitcoin.” 

In the Twitter thread explaining the plan, Brock said, “We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.” Brock went on to add that Bitcoins aren’t distributed evenly around the world.

“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. Some of the gaps we currently see are around cost and scalability. Lightning is solving for this with payments. We need a solve for exchange infrastructure between digital assets, like stablecoins,” he said. Learning from the tweets, many believe that the company could actually form a fast and safe platform to exchanging Bitcoin in a more efficient decentralised manner. Bitcoin has been on a bullish run lately since hitting a low over a month ago.

Jack Dorsey's take on Bitcoin

Earlier in July, the Twitter CEO had backed Bitcoin by calling it the “native currency” of the internet. Previously, at the Bitcoin 2021 conference in June, Dorsey had said, “If (Bitcoin) needed more help than Square or Twitter, I would leave them for Bitcoin." In early June, he had said that Bitcoin was for everyone as the product brings a non-custodial solution to the global cryptocurrency market. Referring to his financial payments start-up, Square, he informed that the company is looking forward to creating a hardware wallet for Bitcoin. 

(Image: Unsplash/AP)