Twitter Goes For Cryptocurrencies: Jack Dorsey Develops Bitcoin Exchange To Facilitate Digital Currency Exchanges And Payments

“We believe that Bitcoin will be the native currency of the Internet,” they say from Twitter, which is why Jack Dorsey is creating a cryptocurrency exchange with his mysterious startup TBD.

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August
31, 2021

4 min read


With the boom of the cryptocurrenciesIt is a matter of time for most of the big businessmen to join the trend. Is now Jack Dorsey who is more than interested in entering the world of digital currencies. The CEO of Twitter revealed his plans to create a exchange de Bitcoin decentralized through its mysterious startup TBD.

In mid-July, Dorsey confirmed the creation of the company TBD, a division of the payments firm Square, also his property. Without making its function very clear, he only pointed out that it is “An open development platform with the sole objective of facilitating the creation of decentralized financial services, without custody and without permission” focused on Bitcoin.

Now him Twitter founder explained his plans for TBD through their own social network.

“We have determined the direction of TBD: help us build an open platform to create a decentralized exchange for #Bitcoin”, wrote Jack Dorsey quoting a thread from Mike Brock, General Manager of TBD at Square, Conde elaborated further on the project.

So what is TBD, Jack Dorsey’s Bitcoin startup?

“There has been a lot of speculation about what TBD is and is not.”Brock wrote. We believe that 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 strong global monetary system for all. “.

In the series of tweets, Brock explains that currently to get bitcoins “Involves the exchange of fiat currency in a centralized and custodial service such as CashApp O Coinbase. In addition, these types of platforms are subject to different restrictions and regulations for users in different countries of the world.

“This is the problem that we are going to solve: facilitate the financing of a non-custodial wallet anywhere in the world through a platform to build entry and exit ramps in bitcoin “continued the general manager of TBD.

“You can think of this as a decentralized fiat money exchange.”, the executive pointed out. “We’d love for this to be native to bitcoin, top to bottom”he added in another message.

A cryptocurrency portfolio for everyone, proposes Twitter CEO

“This platform will be fully developed in public, open source, open protocol, and any wallet will be able to use it”wrote Brock, who raised the tone a bit in the same tweet by stating that: “There is no foundation or model of government that controls TBD. Without a permit or bankrupt “.

So far there is no popular exchange for bitcoin exchange that is decentralized, or that has managed to massively implement payments with Bitcoin and other digital currencies.

In addition to Mark Zuckerberg, owner of four of the world’s most popular apps (Facebook, Instagram, WhatsApp and Messenger), Jack Dorsey is another great candidate to boost cryptocurrency payments from social media. The latter has all the infrastructure of Twitter, which last January added 353 million users, according to a report by Hootsuite. A good number for your initial user base Bitcoins platform.

Article: Soure