Jack Dorsey, CEO of payment giant Square and Social Media platform Twitter, revealed on Friday that Square has been looking at the prospects of introducing a Bitcoin-centric Decentralized Exchange.
“Help us build an open platform to create a decentralized exchange for #Bitcoin,” said Dorsey on Twitter.
Dorsey has always shown strong enthusiasm for cryptocurrencies and has been looking for ways to integrate them on his platforms. His motives were further explained by the project leader, Mike Brock in a Twitter thread. He wrote on Twitter:
“We believe 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 sound global monetary system for all. But including all requires a few pieces we think are missing.”
He further explained that currently acquiring Bitcoin involves employing a centralized exchange that has led to uneven distribution of the cryptocurrency around the world. He added:
“This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize exchange for fiat.
As we said, this platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use. No foundation or governance model that TBD controls. Permissionless or bust.”
Dorsey has been supportive of Bitcoin and the project ‘TBD’ would likely be based on that. A timeline for the project has not been revealed as of now.