Jack Dorsey reveals plan to make bitcoin-centric decentralised exchange via TBD

Dorsey said TBD will soon develop a decentralised exchange (DEX), a type of cryptocurrency exchange, for bitcoin.

“We’ve determined TBD’s direction: help us build an open platform to create a decentralised exchange for bitcoin,” Twitter had said in a tweet.

This year in July, Dorsey confirmed the creation of TBD, a division of payments firm Square, also owned by him.

He named the company TBD “with the sole goal of making it easy to create non-custodial, permission-less, and decentralised financial services,” Dorsey had then said.

Providing more details about the bitcoin decentralized exchange, Mike Brock, general manager of TBD at Square wrote, “We believe bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralised, our focus is solely on a sound global monetary system for all”.

Brock explained some of the biggest issues with existing crypto exchanges and custodial services like Coinbase and Cash App.

He said such cryptocurrency platforms are centralised and are subject to restrictions and regulations for users in different countries around the world.

He then promised to alleviate all such problems by making it “easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into bitcoin”.

Brock added that the cryptocurrency exchange would 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,” Brock said.

Brock said that TBD is considering RSK to execute the plan. However, ” the gaps needed to build this may be too large, which would also have us consider other chains as a bridge,” he added.

He said his company is seeing cost and scalability as the major gaps. “We need a solve for exchange infrastructure between digital assets, like stablecoins,” Brock concluded.