Jack Dorsey Plans to Build A Decentralized Exchange For Bitcoin

It is no secret that Twitter and Square CEO, Jack Dorsey, has been a crypto enthusiast for quite some time. The people who follow him on Twitter are no strangers to this, so it really is no surprise to hear another Dorsey-Bitcoin news. In July, Jack Dorsey announced the emergence of a Bitcoin-Focused Business Division at Square (TBD) that was “focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services.” Developing An Open-Platform Bitcoin-Focused DEX Now Jack Dorsey and Square have taken it a step further. Square’s new TBD division is developing a Bitcoin-centric Decentralized Exchange (DEX). The platform will be accessible and open-source, yet users will be able to fund their wallets with fiat currency. Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey “We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin” Dorsey tweeted. DEXs don’t have a centralized intermediary that oversees the token swaps. A decentralized exchange does not maintain an order book like a centralized exchange, which typically facilitates trades between users by posting individual buy and sell orders. Users exchange tokens directly with each other, unlike other exchanges. Additionally, fiat currency cannot be used in a DEX, which ...