Twitter Co-founder Jack Dorsey's digital payments platform Square is planning to develop its own decentralized exchange (DEX) for bitcoin (EXANTE: Bitcoin). The new project is called TBD and its leader Mike Brock believes that the current centralized solutions like Coinbase and Cash App have a "number of issues."
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"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," Brock tweeted.
The Square's new department is focused on creating an easy way to fund a non-custodial wallet through a platform to build on- and off-ramps into bitcoin, Brock added. He also assured the platform will be "entirely developed in public, open-source, open-protocol."
"No foundation or governance model that TBD controls. Permissionless or bust," Brock emphasized.
Currently, the project's team sees Lightning Network as a solution to cost and scalability on the market. However, the developers yet have to decide what infrastructure to be built between cryptocurrencies.
The new project appears after Square revealed plans to create its own hardware wallet and service for bitcoin custody. Jesse Dorogusker, the Hardware Lead at Square, said the company will focus on mobile wallet use and the concept of assisted-self-custody.
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