Twitter chief Jack Dorsey’s love for Bitcoin isn’t a new story. Time and again, the tattooed entrepreneur has made the world’s largest cryptocurrency his topmost priority and is doing everything to make Bitcoin the global currency of the internet. Dorsey had first mentioned Square’s brainchild “TBD,” BTC-centric DEX.
While sharing a Twitter thread written by Mike Brock, who happens to be the TBD lead at the payment firm, Dorsey revealed details about the direction of the initiative.
Brock’s tweet regarding the same read,
“There’s been a lot of speculation about what TBD is and isn’t. Over the last few weeks our team has been determining what needs to be determined. We wanted to finally share our direction, and we have some questions. 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.”
TBD Bitcoin DEX’s Objective
The exec revealed that the main objective behind the creation of the decentralized exchange is to address a critical issue in purchasing Bitcoin which typically involves exchanging fiat at a centralized and custodial service such as the CashApp of Coinbase. He mentioned that these on- and off-ramps to Bitcoin are plagued with a number of problems and argued that they aren’t distributed evenly across the world.
This is the problem that TBD aims to solve by making it seamless to fund a non-custodial wallet anywhere in the world with a platform to build on- and off-ramps into Bitcoin. This can be thought of as a decentralized exchange for fiat, Brock asserted.
He further stressed that the platform will be entirely developed in the public, open-source, open protocol, and any wallet will be able to use. There will be no foundation or governance model that TBD controls – In short, “Permissionless or bust.” He further went on to add,
“And here’s the question and challenge: what projects exist today to help us solve these problems in a Bitcoin native way? Now that we’ve determined our direction, you’ll hear a lot more from us as we progress. But for now, Thanks Bitcoin Denizens!”