The trade will be handled by Square’s newly announced division. Dorsey stated on Friday via his Twitter account that he and his staff were committed to building the platform. He also asked the rest of the community to pitch in to assist with the new venture.
“We’ve decided @TDB54566975’s direction: assist us in building an open platform to develop a decentralized exchange for #Bitcoin,” the CEO stated. The tweet was in reaction to Mike Brock, the TBD initiative’s leader.
Brock went on to say in a discussion that the project’s goal was to create a stable worldwide financial system for everyone. He also repeated Dorsey’s previous statement that Bitcoin would be the internet’s natural currency.
“Currently, getting bitcoin usually entails exchanging currency at a centralized and custodial facility such as @CashApp or @Coinbase. These on-and off-ramps to Bitcoin have a variety of flaws and are not equally spread across the globe. This is the issue we want to address: making it simple to finance a non-custodial wallet anywhere in the globe through a platform for developing on- and off-ramps into Bitcoin. Think of it as a decentralized exchange for fiat.”
In recent months, Jack Dorsey has doubled down on Bitcoin, both in public comments and via his numerous businesses. Only a few weeks ago, the CEO announced his intention to introduce DeFi to the Bitcoin ecosystem.
The visionary Ethereum co-founder Vitalik Buterin has said that Bitcoin would continue to play subordinate role to Ethereum, which was designed with these kind of protocols in mind. Bitcoin, according to Vitalik, lacks the intrinsic capacity to hold smart contracts.
Notably, Jack has abstained from offering any predictions on the direction of pricing. He does, nevertheless, think that Bitcoin will eventually get to be the internet’s money. He has also demonstrated a lack of interest in other initiatives and currencies. In reality, he has made numerous jabs against cryptocurrencies in recent times, characterizing them as not coincidence. Ethereum is the second-largest cryptocurrency by market capitalization and an industry leader in the DeFi sector, which Dorsey wants to capitalize on.
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.
— Mike Brock (@brockm) August 27, 2021