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Since the era of DeFi started, there were numerous decentralized exchanges on different blockchains that have grown to see CEX-level popularity. None of them is still as big as Binance or Coinbase, but they are growing, and they are growing fast.

However, all of those exchanges have a major flaw — they can only accommodate coins developed on their own chains. Since Bitcoin (BTC/USD) is not a development platform, that means that there is no DEX that can trade BTC. There are alternatives to BTC, of course, such as Wrapped Bitcoin (wBTC), but for a lot of people — including Twitter and Square CEO, Jack Dorsey — that’s just not it.

Recognizing the desire to see Bitcoin traded in a decentralized way, Dorsey came to an idea to make it himself. Or rather, to use his platform, Square, to do it. In his recent tweet, published last Friday, Dorsey said that the project would focus on building a decentralized exchange specifically for BTC.

We’ve determined @TDB54566975’s direction: help us build an open platform to create a decentralized exchange for #Bitcoin https://t.co/jHYWHy1qmu

Project’s leader, Mike Brock, a unit of Square plans to make it easy to fund non-custodial wallets anywhere in the world through a platform, in order to build on- and off-ramps into BTC. What’s more, the business will be “Bitcoin native, top to bottom.” The project will be 100% open-source and permissionless, with no governance model or foundation that will control it.

Both Dorsey and Brock used “TBD,” although it remains unclear whether the name is to be determined, or if they simply use it to signify the name itself, since it could mean both, “To Be Determined,” as well as “The Bitcoin DEX,” or some other variation of it.

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.

In its essence, the idea for the fiat DEX is something that the end-users should not even need to know is there. Meanwhile, it will be easy for any wallet or service to integrate with it. Of course, Brock added that the exchange will be fully compliant with KYC and AML requirements.

Entities exchanging fiat for crypto will have to comply with KYC/AML laws, yes. We are going to be focused on a decentralized identity solution to that end.

Dorsey originally announced the idea this July, although he said that it is a “non-custodial, permissionless, decentralized financial service with a primary focus on Bitcoin.” The project was only unveiled in its entirety — meaning, what is known so far — when Square revealed that it wishes to explore the development of an open-source hardware wallet for Bitcoin.

The post Jack Dorsey shares details of his plan to build a Bitcoin DEX appeared first on Invezz.

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