Square’s Cash App is a popular way for people to buy and sell Bitcoin, but CEO Jack Dorsey’s love for the leading cryptocurrency is immense—and the financial services firm plans to do a lot more in the space. Last month, Dorsey announced a new Bitcoin-centric division called TBD, and today he revealed what it’s going to be: a decentralized exchange, of sorts
Decentralized exchanges (DEX, for short) based on other blockchains are well established, such as Ethereum’s Uniswap and SushiSwap and Binance Smart Chain’s PancakeSwap. TBD intends to make a fully permissionless and decentralized exchange built around Bitcoin, however, to provide users a wide array of on-ramps for exchanging fiat currency for BTC.
“We’ve determined [TBD’s] direction: help us build an open platform to create a decentralized exchange for Bitcoin,” Dorsey, also CEO of Twitter, tweeted today.
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