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You are here: Home / Archives for Square Inc.

Square Inc.

Jack Dorsey’s Square discloses White Paper for a new Bitcoin DEX

November 20, 2021 by Lipika Deka

Jack Dorsey led Square released a White paper outlining the ambitious intention to build a decentralized Bitcoin [BTC] exchange protocol dubbed tbDEX. In contrast to other exchanges, the proposed decentralized protocol will not have its own governance token but will facilitate users to establish relations directly without the influence of any federation. Besides, there are plans to add more features that would further enhance it to become more decentralized in nature such as implementing know-your-customer [KYC] checks to users and similar region-specific regulations.

In addition to that, the white paper proposed to build blockchain analytic tools designed to monitor transactions on the platform. Such forensic solutions might bring their own set of controversies while revealing users’ identities and wallet addresses by authorities. However, advocates are of the opinion that such measures would be essential to prevent criminal and other illicit activities.

Another unique feature that caught the attention of many crypto enthusiasts was the discussion of chargebacks which are unavailable in most decentralized exchanges. For starters, chargebacks are payment amount that is returned back to a debit/credit card after a user successfully disputes a transaction or in other cases simply returns a purchased item. In the case of successful implementation on the tbDEX platform, the above process could potentially prevent irrecoverable damages endured by investors especially during decentralized finance [DeFi] rug pulls.

Square’s tbDEX key takeaways

Interestingly the white paper was debuted by Square‘s bitcoin-focused business unit called TBD that was created four months ago, this year. Delving further, the newly proposed exchange is a bid to reduce the gap between the fiat and crypto industries. In this way, the paper noted that it would ‘makes crypto assets and decentralized financial services more accessible to everyone ‘. As of now, Square is encouraging feedback on the white paper from the broader community on TBD’s newly created Twitter account. The authors further noted that,

This initial draft of the whitepaper is meant to establish a conceptual understanding of the high-level design of the proposed tbDEX protocol. It should not be considered complete or final. It represents a proposed design for public comment, Future revisions of the whitepaper will address incomplete elements and currently unforeseen issues or challenges.

Filed Under: Bitcoin News, News Tagged With: Decentralized exchanges, Square Inc.

Solar-powered Bitcoin Mining by Blockstream to see investment from Square of $5M

June 6, 2021 by Chayanika Deka

Bitcoin mining might be facing severe cases of crackdowns in some parts of the world, the innovation to make the process have a less adverse effect on the environment continues.

In pursuit of bringing in sustainable methods for the same, the Jack Dorsey-led financial services company Square is all set to team up with blockchain technology provider Blockstream Mining to build an open-source, solar-powered bitcoin mining facility.

This facility will be situated at an existing Blockstream location. in the United States.

According to the official press release, Square plans to inject $5 million in the facility, with Blockstream that is focused on providing infrastructure and expertise to develop and manage the project for Bitcoin mining. This facility in question will be a “proof-of-concept for a 100% renewable energy Bitcoin mine at scale.”

Blockstream stated,

“We hope to show that a renewable mining facility in the real world is not only possible but also prove empirically that Bitcoin accelerates the world toward a sustainable future.”

The partnership, as confirmed by Square, is essentially a part of its Bitcoin Clean Energy Investment Initiative that was launched in December 2021 to promote companies engaged in reducing carbon footprint by the cryptocurrency ecosystem. Through this initiative, the two platforms will also roll out a “public-facing dashboard” which will act as a transparent case study for renewable energy as well as mining of the crypto.

Can Bitcoin really go green?

The debate surrounding the cryptocurrency’s reliance on non-renewable energy isn’t new. However, of late the discussions related to the environmental impact of mining for the world’s largest cryptocurrency have come under immense scrutiny, thanks to Elon Musk.

There’s no denying that it does consume a lot of energy. This is a common concern among the BTC institutions and retail traders alike.

Several developers and academicians have given their fresh dose of perspective on the controversial subject as the Bitcoin mining debate has gained traction once again. Some are of the opinion that looking for other ways and putting a stop to the increasing use of real physical resources for mining is going on a wild goose chase. However, there are those, who are trying to make Bitcoin green.

Recently, Norway’s second-richest person, and oilfield services billionaire Kjell Inge Røk­ke, had launched a new venture called Seetee. The maon objective of the company’s goal is to set up BTC min­ing op­er­a­tions that “trans­fer strand­ed or in­ter­mit­tent elec­tric­i­ty with­out sta­ble de­mand lo­cal­ly—wind, so­lar, hy­dro pow­er— to eco­nom­ic as­sets that can be used any­where.”

In short, it intends to locate Bitcoin mining centers in those places where renewable energy farms essentially produce electricity in surplus especially when there is low demand.

Filed Under: Bitcoin News, News Tagged With: Bitcoin Mining, Blockstream, Jack Dorsey, Square Inc.

Square Gets Conditional Approval for Banking License by US FDIC

March 20, 2020 by Tabassum Naiz

Square Inc., the financial tech company has reportedly received a green signal to open its own bank in Utah. The report comes in a wake of conditional approval for banking license provided by the US’s Federal and State banking regulator.

The reports spread on Wednesday, March 18, noting that the U.S. Federal Deposit Insurance Corporation (FDIC) has approved the application filed by Square Inc to open its own bank. Accordingly, the giant will likely launch its bank, ‘Square Financial Services, Inc., in 2021. The bank will be supervised by FDIC along with the Utah Department of Financial Institutions.

Led by bitcoin advocate, Jack Dorsey, Square’s new bank ‘Square Financial Services’ will be spearhead by Lewis Goodwin as CEO and Brandon Soto as its CFO. Both Lewis and Brandon carries years of experience in the banking industry.

Noticeably, the license is known as “Industrial Loan Company” License which is generally granted to newly chartered banks that will be operated under the supervision standards.
Following this, the bank is expected to offer small-business loans to merchants that process payment using Square devices. The giant’s capital lead Jacqueline Reses said in an official announcement that they are now moving towards ‘building out Square Financial Services and making their bank accessible to small business customers”, adding that;

“We appreciate the FDIC’s thoughtful approach to our application and their recognition that Square Capital is uniquely positioned to build a bridge between the financial system and the underserved,”

FDIC’s insurance license means that the depositor is rest assured to receive insurance cover of up to the $25000 limit in case if something goes wrong with the bank.

Besides, Square is also cheering on another exciting news as the firm has got a green signal for charter from the Utah Department of Financial Institutions. Accordingly, the new bank is headquartered in Salt Lake City, Utah.

Filed Under: News Tagged With: FDIC, Lewis Goodwin, Square Capital, Square Financial Services, Square Inc., Utah Department of Financial Institutions.

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