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Twitter CEO Building Decentralized Bitcoin Exchange

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Fri, 08/27/2021 - 18:54
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Alex Dovbnya
Square’s cryptocurrency unit is building a Bitcoin DEX
Twitter CEO Building Decentralized Bitcoin Exchange
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Twitter CEO Jack Dorsey has just announced that TBD, a newly formed cryptocurrency and decentralized unit of Square, is going to build a decentralized Bitcoin exchange.

Mike Brock, the head of the division, claims that the process of buying the flagship cryptocurrencies involves centralized and custodial services of the likes of Coinbase.

TBD aims to build a permissionless open-source exchange that will be Bitcoin-native.

However, Brock also notes that the unit will consider other blockchains that will act as a bridge.

The cost and scalability are the key issues that TBD is currently trying to solve: 

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Dorsey announced the creation of Square’s cryptocurrency unit in mid-July.

His foray into DeFi attracted criticism from Ethereum co-founder Vitalik Buterin, who questioned the project’s decentralization:

Jack is basically going to have to essentially create his own system that enforces those rules.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.