The CEOs of Square and Twitter first announced plans to create an “open developer platform” in July and establish a decentralized exchange for Bitcoin.
Square and Twitter CEO Jack Dorsey said on Twitter on Friday that the new division of payment giant Square, TBD, will focus on creating an open developer platform and is planning to build a decentralized bitcoin exchange.
“Help us build an open platform to create a decentralized exchange for #Bitcoin,” Dorsey said on Twitter.
Mike Brock, who was assigned to lead the project, said separately on Twitter: “This is the problem we want to solve: through a platform to fund non-custodial wallets anywhere in the world to establish up and down channels to enter Bitcoin. Make it easy. You can think of it as a decentralized fiat currency exchange.”
Brock wrote: “We hope that this platform is native to Bitcoin, from top to bottom.” He also pointed out that the platform will be “developed in a public, open source, and open protocol,” and any wallet can use it.
Brock pointed out that “there is a gap around cost and scalability” and TBD needs to “solve the exchange infrastructure between digital assets, such as stablecoins.”
In July, Dorsey wrote in a series of tweets that Square will launch a new business to make it easier to provide non-custodial, decentralized financial services.
Post time: Aug-30-2021