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    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    CBN increases Cash Withdrawals for Individuals and Organizations

    CBN increases Cash Withdrawals for Individuals and Organizations

    GDG Hosts DevFest Jos 2022

    GDG Hosts DevFest Jos 2022

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    Peakfield Academy crowned Champions of The Axia Hub Tech Challenge

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Bolt Drivers in Jos to Embark on a Three-day Warning Strike

    Amazon Web Services opens office in Lagos, Nigeria

    Amazon Web Services opens office in Lagos, Nigeria

  • FEATURED
    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

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    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    How this Startup Founder turned his Passion for playing Video Games into a GameFi Company

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

    The Reality of the Global Economic Slowdown is hitting the Tech Startup Sector in Africa

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    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

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    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

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    Sky.Garden survives Shutdown, gets New Owners

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    Nigerian Prop-tech startup, Spleet secures $2.6M seed to Expand its Product Offerings in Africa

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Home Announcement

Jack Dorsey’s Square Announces Plans for Decentralized Exchange for Bitcoin

by Shalom Oyero
August 28, 2021
in Announcement
Reading Time: 2 mins read
0
Jack Dorsey’s Square Announces Plans for Decentralized Exchange for Bitcoin
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Square – and Twitter – CEO Jack Dorsey is not just satisfied with his love for Bitcoin. He is doing everything he can to make BTC the global currency of the internet.

In a tweet made on Friday, August 27,2021 Dorsey said that “TBD” would be focused on building a decentralized exchange for Bitcoin.

In Mid July, Dorsey announced the launch of TBD, a new business aimed at facilitating the creation of decentralized financial services.

He said that the platform’s latest Bitcoin (BTC) venture would be to develop a decentralized exchange. 

According to the project leader, Mike Brock, “TBD,” which is an unnamed unit of Square, is aiming to “make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin.” 

The business said it wants the decentralized exchange to be “Bitcoin-native, top to bottom,” as well as completely open-source and permissionless, with “no foundation or governance model that TBD controls.”

Brock added that the exchange would be in compliance with Anti-Money Laundering and Know Your Customer laws.

“You can think about this as a decentralized exchange for fiat,” he concluded in his series of tweets. He added that it will also be open source and permissionless and work with any crypto wallet.

Jack Dorsey did not disclose further information about the platform. So it is likely still in the theoretical stage, however considering the robustness of CashApp, it is possible that some of the development will not be very complicated.

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Tags: Bitcoin
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