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- Jack Dorsey is about to build an open-source BTC decentralized exchange
- TBD5466975 direction would be focused on the creation of the digital assets exchange platform
- The platform will have no foundation or any kind of governance model that will control the TBD
- The DEX will be following Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance
Jack Dorsey, the CEO of Square Inc, and one of the leading social platforms, Twitter, remained a more prominent advocate of Bitcoin. The Twitter CEO recently shared a tweet to announce new plans for his payments firm, Square Incorporation. The firm is focused on the generation of an open-source platform. Hence, Dorsey plans to roll out a decentralized Bitcoin crypto exchange. Moreover, it is also revealed that TBD5466975 direction would focus on creating the digital assets exchange platform.
Jack Dorsey plans to create a Bitcoin native platform
On Friday, the mind behind Twitter and Square tweeted about his new project. According to the tweet of Jack Dorsey, the payments firm has determined TBD54566975’s direction to introduce an open-source platform. According to Mike Brock, the project leader, TBD is an unnamed unit of the payments firm, and it aims to make it easy to fund a non-custodial wallet. Indeed, such a non-custodial wallet would be accessed worldwide through a platform built on and off-ramps into BTC.
Bitcoin-native digital assets exchange
It is noteworthy that the latest platform will be Bitcoin-native from top to bottom. According to Brock, the Bitcoin-native decentralized exchange (DEX) will be entirely open-source and permissionless. Moreover, the platform will have no foundation or any kind of governance model that will control the TBD. Hence, the idea for the fiat DEX is something that the end-users should not even need to know is there. Simultaneously, any wallet or service could be able to integrate with the project.
Bitcoin exchange is the new business
Last month, Jack Dorsey shared a series of tweets. At the time, the CEO of Twitter had mentioned that his payments firm would launch a new business. He also had highlighted that the business would make it easier to offer decentralized financial services. However, now it is clear that the plan was to roll out a Bitcoin DEX. Furthermore, it is notable that the DEX will follow Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance.
Bitcoin is gaining its bullish rally
After the first announcement made by Jack Dorsey, Bitcoin hit a low of $29k. In the current scenario, the cryptocurrency is observed to get back its bullish rally. Earlier this week, the leading crypto coin had traded near the price level of $50k. However, after the bullish rally, the crypto coin price drastically dropped back to below $40k. At press time, BTC is trading at a price level above $48k.
