Twitter CEO Jack Dorsey Plans for a Bitcoin-based Decentralized Exchange (DEX)

Twitter CEO Jack Dorsey, who also own digital payments firm Square Inc, Jhas been an ardent proponent of Bitcoin. In a recent development, Jack Dorsey stated that Square would focus on developing a decentralized exchange (DEX) in the market, focused towards Bitcoin.

The Square DEX will be a part of the company’s new Bitcoin-centric division TBD which Dorsey announced last month. Further updating about the same last Friday, Dorsey tweeted: “We’ve determined [TBD’s] direction: help us build an open platform to create a decentralized exchange for Bitcoin”.

Square Mike Brock who shall be leading the TBD project for the company revealed further details. Cutting out all the speculations surrounding TBD, Brock discussed further plans into it.

He stated: “We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing”.

To buy or trade Bitcoin, users first need to deposit fiat at centralized exchanges. This on-and-off ramps to Bitcoin brings along a number of issues which aren’t distributed evenly across the world.

Brock said that they are going to solve this basic problem thereby making it easy “to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin”. This can then serve as a decentralized exchange for fiat.

Square has promised that its Bitcoin-based DEX shall be completely built in an open-source and public protocol wherein any wallet will be able to use it. The lead of the TBD project, Mike Brock further added:

“We’d love for this to be Bitcoin-native, top to bottom. And that’s leading us to consider things like @RSKsmart. However, the gaps needed to build this may be too large, which would also have us consider other chains as a bridge.

Some of the gaps we currently see are around cost and scalability. Lightning is solving for this with payments. We need a solve for exchange infrastructure between digital assets, like stablecoins,” he further added.

Jack Dorsey has been largely focused on building the Bitcoin ecosystem and getting more players into the game. In July, he also conducted a B-Word Conference getting Bitcoin enthusiast to be more aware of the ecosystem