Square that owned by Twitter’s Jack Dorsey and offer financial services, seems to do on Bitcoin more than just allowing people to buy it on its app.
Now it is on the way to provide trading BTC and fiat on DEX concept and platform.
Square’s TBD division released its first white paper that shows the initial and very high level direction.
In that business direction paper, the team mentioned tbDEX
The white paper claims tbDEX is a”protocol for discovering liquidity and exchanging assets - bitcoin, fiat money or real world goods - safely without knowing the identity securely and privately.
And it mentions the protocol goes around financial intermediaries and other gate keepers such as CEX. Does it mean that it possible we could liquidate our own crypto to fiat without no Binance, No Coinbase anymore? Maybe someday could be possible.
The infrastructure basement chain is not yet decided. Ethereum could be one of option even though Jack is Bitcoin maximalist that everyone already know. Based on a specific chain, it utilize bridge among other chains.
Square has made big success in peer-to-peer payment and it was so much revolutionary.
Even though regarding Square’s successful business experience and vision, there are still many hurdles.
Newbies who don’t know Crypto and not interested at all managing smart contracts could also use this platform easily without any serious problem and keeping hiding identity.
Most of average people may feel very difficult to install Metamask, Phantom and then make their own accounts and send and receive crypto.
Square could make it for people, ordinary people who are my farther, mother and heavy drinker my friend.
Reference: Decrypt
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