Jack Dorsey, the CEO of Twitter, recently revealed that TBD, a newly formed cryptocurrency and decentralized unit of Square, is launching a decentralized Bitcoin exchange.
Mike Brock, the division’s leader, asserts that the process of purchasing the main cryptocurrencies entails the use of centralized and custodial services like Coinbase. TBD seeks to create a Bitcoin-native permissionless open-source exchange. Brock does mention, though, that the unit will investigate other blockchains that can serve as a bridge. TBD’s current focus is on affordability and scalability:
In mid-July, Dorsey announced the establishment of Square’s cryptocurrency division. In July, he indicated to investors that bitcoin will play a significant role in the company’s future, citing chances to integrate the cryptocurrency with existing Twitter goods and services, including commerce, subscriptions, and new features like the Twitter Tip Jar and Super Follows.
Dorsey has been a vocal proponent of bitcoin for years, but the specifics of how it will be used on Twitter’s platform had not been specified. Dorsey, on the other hand, has frequently publicly lauded the cryptocurrency, stating that it reminds him of the “early days of the internet” and that there was “nothing more essential” for him to work on throughout his lifetime.
His entrance into Defi drew ire from Ethereum co-founder Vitalik Buterin, who expressed reservations about the project’s decentralization: Jack will essentially have to design his own method for enforcing those standards.
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