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Square CEO Jack Dorsey announced TBD’s intention to launch a decentralized cryptocurrency exchange. He announced this on his official Twitter account.

Dorsey introduced TBD, an open-source developer platform, in mid-July. Its primary goal is to make it easier to create decentralized financial services unrelated to storage. TBD’s top priority is bitcoin.

Dorsey said in a tweet yesterday that the team had identified a path forward and asked the community to help shape an open platform to develop a decentralized bitcoin exchange further.

According to TBD CEO Mike Brock, bitcoin will become the Internet’s native currency. Many people are now focusing on increasing the overall decentralization of the Internet, he said, whereas Square and its division will solely focus on a global and secure monetary system for all.

According to Brock, receiving bitcoins today entails exchanging fiat in one of the centralized storage services. As examples, he cited CashApp and Coinbase. However, these entry and exit services to cryptocurrencies have many issues that contribute to the unequal distribution of funds worldwide.

Brock and his team intend to solve such issues by making it easier to replenish a non-custodial wallet from anywhere in the world. He referred to the concept as “decentralized exchange for fiat.”

Another benefit will be the lack of a strong control and management model that allows for centralized manipulation. According to the top-to-bottom principle, they want to exchange bitcoins as natively as possible. This encourages the team to investigate smart contract solutions such as RSK. Brock also emphasized that other chains can be viewed as bridges. They must also address the cost issue associated with scalability. TBD’s CEO believes Lightning is appropriate for this but notes that the project must first find a solution suitable for the exchange infrastructure between crypto assets, such as stablecoins.

Dorsey has long been a bitcoin maximalist, avoiding mention of other cryptocurrencies. Even a market behemoth like Ethereum. As a result, almost no one who commented on its publication on Twitter questioned why only the market’s most important cryptocurrency was mentioned as a medium of exchange. Square’s addition to the DEX is most likely the hardware crypto wallet they announced earlier.

While the project is still in its early stages, the team has yet to name any terms or guidelines.

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