Jack Dorsey, CEO of Square and Twitter, wants to create a decentralized exchange (DEX) focused on Bitcoin (BTC). The entrepreneur is one of the strongest advocates of the most well-known cryptocurrency.
Jack Dorsey wants to create a decentralized exchange
Jack Dorsey, CEO of Square and Twitter, announced that TBD, the payment giant’s new division plans to build a decentralized exchange (DEX) focused on Bitcoin (BTC). In July, Jack Dorsey had said the company was working on creating an “open source platform” to offer financial services centered on BTC.
Mike Brock, who has been appointed to lead the initiative, explained:
“Getting BTC today typically involves exchanging currency with a centralized, depository service like CashApp or Coinbase. These on- and off-ramps have a number of flaws and are not consistently present around the world.”
Ainisi, Square wants to develop a decentralized exchange that is entirely “Bitcoin native, top to bottom” and 100% open source with “no foundation or governance model that Square controls.”
Mike Brock noted that the Lightning Network (LN) solves scalability issues in payments, but that a similar infrastructure is needed to exchange assets on the Bitcoin network.
No timetable for the launch of DEX has been released.
Jack Dorsey, Bitcoin maximalist
Jack Dorsey is among the most fervent advocates of the most well-known cryptocurrency. A staunch maximalist, the Twitter founder has reiterated his love for BTC. He literally claimed that Bitcoin’s original paper was poetry and continued:
“Bitcoin changes absolutely everything and I don’t think there is anything more important to work on in my lifetime”.
The entrepreneur also created a fund with rapper Jay Z to encourage the development of BTC around the world, starting with Africa and India.
More recently, the entrepreneur has ventured into Bitcoin mining through the Compass Mining service. This American platform allows individuals to mine Bitcoin with a reduced investment.