Jack Dorsey, CEO of Twitter and Square, commented about the Bitcoin-Native Decentralized exchange” TBD” which is being built by the Square. Jack also shared the Mike Brock’s, TBD leader, written thread about the exchange.
Jack Dorsey is an admirer of the innovation of century, Bitcoin, and often supports it through his social media. Square was founded by the Twitter CEO and is helping the world to transfer into digitalize. Recently, Square has been working on the hardware wallet and Bitcoin-Native new decentralized exchange “TBD”.
Lately, Jack has been sharing a lot of material about TBD project of Square through his twitter handle. He said that there were a lot of speculation about the TBD in the crypto market. The team has determined the direction of project and have some question. Jack added that we believe Bitcoin is the native currency of internet. He explained how they want a sound monetary system for all and some pieces are missing for this purpose.
Bitcoin-Native Exchange Goal:
Mike Brock, TBD project leader, explained that centralized and custodial services like Coinbase or Square’s Cash App have issues and are not distributed evenly around the world.
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.
He further explained that Bitcoin-Native DEX platform main goal is” make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin. You can think about this as a [decentralized] exchange for fiat.”
Lets see how much they will succeed in this project. For more content click here.