Square wants to create a decentralized exchange for Bitcoin

The CEO of Square and Twitter , Jack Dorsey , tweeted on Friday that TBD, that the new division of the Square payments giant focused on creating an open source platform for developers, it is planning to build a decentralized exchange for Bitcoin.

As early as last March, Square Financial Services bank was officially launched to operate as an independently governed subsidiary of Square, which is headquartered in Salt Lake City, Utah, and will have the primary purpose of offering corporate loans and deposit products. to become the leading provider of financing for sellers using Square in the United States. 

Now this new announcement is a further step forward by Dorsey towards the crypto world, of which he has long affirmed and proves to be a convinced and fervent supporter. In fact, in July, Square’s CEO Jack Dorsey revealed plans for a project called TBD that would soon focus on developing an open source financial services platform dedicated to Bitcoin. 

A new decentralized exchange for Bitcoin

That project now, just over a month later, seems to have found a more appropriate and clearer definition. 

According to Dorsey himself and Mike Brock, the CashApp executive in charge of the initiative, it would be the project of a decentralized Bitcoin exchange, a trading system in which no central party has custody or control of the funds that pass through it. 

The confirmation came directly from Dorsey through his tweet two days ago. Also at the Bitcoin 2021 conference in Miami in June, Dorsey spoke about his future plans on Bitcoin and cryptocurrencies explaining that bitcoin is a way to protect against currency devaluation and to accelerate transfers of funds across borders. 

Bitcoin is for everyone, according to Jack Dorsey

Even Jesse Dorogusker, Square’s hardware lead, had already leaked important news in July, regarding the company’s future plans, stating:

“We decided to create a hardware wallet and service to make Bitcoin custody more mainstream. We will continue to ask and answer questions in the open. The response from this community to our thread on this project has been fantastic: encouraging, generous, collaborative and inspiring ”.

The decision to create a decentralized exchange is a direct consequence of Dorsey’s firm belief in the importance of maintaining Bitcoin’s independence from any central body or authority, as he himself stated by saying:

“Bitcoin is for everyone. It is important for us to build an inclusive product that brings a non-custodial solution to the global market. “

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