Saul Saldana
Jack Dorsey, co-founder and CEO of both Square and Twitter, released a article source white paper Friday detailing plans for Square's decentralized Bitcoin (BTC) exchange tbDEX. Unlike most decentralized exchanges, or DEXs, tbDEX will not utilize a trustless model, and therefore will not feature its own governance token. Instead, it is a message protocol designed to facilitate trust relationships without relying on a federation to control access. On Friday afternoon, Square's General Manager of TBD, Mike Brock, posted a tweet string, noting, "There’s been a lot of speculation about what TBD is and isn’t." He then went on to say, "This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize exchange for fiat."
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