Tuesday, September 28, 2021
HomeNewsJack Dorsey is planning his own decentralized Bitcoin exchange

Jack Dorsey is planning his own decentralized Bitcoin exchange

After Jack Dorsey announced in July that he was working with Square on its own Bitcoin wallet, the next step is now: a decentralized Bitcoin exchange. What it’s all about.

Jack Dorsey, known as a Bitcoin supporter, has now announced on Twitter that he is planning a decentralized Bitcoin exchange. Or at least he and his team at Square are investigating possibilities for a possible implementation. Because in the white paper published in 2008, Satoshi Nakamoto planned Bitcoin not as a centralized concept – but as a decentralized currency. A decentralized exchange fits in with this. so Dorsey referred to the Twitter user “TDB54566975” in his tweets. One of his colleagues at Square is behind this account: Mike Brock.

Meanwhile, Brock is traded in Twitter circles as the head of any decentralized Bitcoin exchange from Square – or at least as one of the driving forces behind it. These rumors are not entirely absurd. Brock heads TBD, Square’s cryptocurrency and decentralized finance business unit.

Mike Brock tweeted about the plans for a decentralized crypto exchange:

You can think of it as a decentralized exchange for fiat money. The platform should be publicly accessible and compatible with every wallet. The decentralized Bitcoin exchange should be open source.

Like his boss, Brock is also convinced of the future of Bitcoin. Because he concretized in one others Further tweet his opinion on Bitcoin:

We believe Bitcoin will be the internet’s native currency. While there are many projects out there that are helping to make the internet more decentralized, our focus is solely on a solid global monetary system for everyone.

Before his current position, Brock held various other management roles, such as at the payment service provider Cash App. In addition, he was responsible for “Square Crypto”, which is an independent open source initiative and advocates a globally more accessible financial system.

Hardware wallet for Bitcoin

In June 2021, Jack Dorsey announced that his company Square plans to launch its own Bitcoin wallet. With the aim of making Bitcoin more mainstream and giving a wider mass of people an opportunity to use Bitcoin in everyday life. About a month later, on July 8th, Jesse Dorogusker, who is responsible for the hardware of Square, then announced on Twitter:

We decided to develop a hardware wallet and service to bring Bitcoin custody more into the mainstream. We will continue to ask and answer questions openly. The community response to our thread on this project has been great – encouraging, generous, collaborative, and inspiring.

Square, Inc. was founded in 2009 by Buzz Andersen, Jack Dorsey, and Jim McKelvey. According to the Wall Street Journal, Square has 5,477 employees, sales of $ 9.5 billion and a market capitalization of $ 123.2 billion. The company has set itself the goal of simplifying trade through technology. This enables salespeople who use Square to make their business processes more efficient.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


Please enter your comment!
Please enter your name here

Trending News

Recent Comments