Square builds decentralized exchange DEX for ‘digital donkeys’4. September 2021
Square builds decentralized exchange DEX for ‘digital donkeys’
San Francisco, Sept. 4, 2021
Square is building a Bitcoin-centric decentralized exchange (DEX) for digital donkeys, Jack Dorsey said. The planned DEX will be open source and permission-free, allowing users to fund their wallets directly with fiat currency.
In July, Dorsey unveiled “TBD,” a new Square division focused on bitcoin innovation. DEXs are common on other blockchains, including Uniswap and Sushiswap (Ethereum), Pancake Swap (Binance Smart Chain), and Serum (Solana). DEXs do not have know-your-customer (KYC) procedures and have not yet supported direct fiat transactions with traditional financial institutions.
TBD project manager Mike Brock said Square believes “Bitcoin will be the native currency of the Internet,” adding that the Lighting Network “solves” scaling issues.