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Square wants to create a decentralized exchange for Bitcoin

The decision to create a decentralized exchange is a direct result of Dorsey’s firm belief in the importance of maintaining Bitcoin’s independence from any central entity or authority.

The CEO of Square and Twitter, jack dorsey, tweeted on Friday that TBD, or the new division of payments giant Square, wants to create a decentralized exchange for Bitcoin.

In March, Square Financial Services bank was officially launched to operate as an independent subsidiary of Square, which is headquartered in Salt Lake City, Utah, and is primarily focused on offering commercial loans and deposit products to become the leading lender provider to vendors that use Square in the United States.

Now, this new ad is another step ahead of Dorsey into the world of cryptocurrency, which he has long complained about and has proven to be a staunch and ardent supporter.

In July, in fact, Square CEO Jack Dorsey had unveiled plans for a project called TBD, which would soon focus on developing an open source financial services platform dedicated to Bitcoin.

A new decentralized exchange for Bitcoin

A little over a month later, this project now seems to have found a more adequate and clear definition.

According to Dorsey and Mike Brock, CashApp executive responsible for the initiative, it would be precisely the project of a decentralized exchange of Bitcoins, a trading system in which no central has custody or control of the funds that pass through it.

Confirmation came directly from Dorsey via a tweet two days ago. Additionally, at the Bitcoin 2021 conference in Miami in June, Dorsey spoke about his future plans for Bitcoin and cryptocurrencies, explaining that bitcoin is a way to protect against currency devaluation and speed up transfers of funds across borders.

Bitcoin is for everyone, word from Jack Dorsey

Jesse Dorogusker, head of hardware at Square, also leaked important news in July about the company’s future plans, stating:

“We decided to create a hardware and service portfolio to make Bitcoin storage more popular. We will continue to ask questions and answer them openly. The response from this community to our topic about this project has been fantastic: encouraging, generous, collaborative and inspiring. ”

The decision to create a decentralized exchange is a direct result of Dorsey’s firm belief in the importance of maintaining Bitcoin’s independence from any central entity or authority, as he said:

“Bitcoin is for everyone. It is important for us to build an inclusive product that brings a non-captive solution to the global market. ”

Source: cryptonomist

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