TL;DR Breakdown
• Jack Dorsey partners with Mike Brock to boost his BTC decentralized exchange.
• The goal of the new cryptocurrency platform is to remove usage limits.
Jack Dorsey, one of the most acclaimed entrepreneurs and Twitter CEO, continues to explore the world of cryptocurrencies within his Square company. Square specialized in TDC payment methods and has consistently looked for ways to dive into the crypto market. Now, in a tweet, Dorsey has announced that he plans to launch a BTC decentralized exchange.
The Twitter CEO announced that he would build a BTC’s decentralized exchange linked to Square on the social network. Understandably, Dorsey wants to create t his DEX because the entrepreneur has repeatedly shown his appreciation for cryptocurrencies. Dorsey sees that cryptocurrencies have a good future ahead and wants to take advantage of them.
BTC’s decentralized exchange goal
In July, Dorsey participated in the BTC conference, and he spoke about payment systems and how cryptocurrencies could replace them. At that meeting, Dorsey expressed his love for crypto and interest in the BTC’s decentralized Exchange systems.
However, there are many crypto exchanges, so Dorsey has competition. The entrepreneur has teamed up with Mike Brock, the head of the TBD plan, to make his crypto projects successful.
Brock, a businessman, believes that Bitcoin is the dominant cryptocurrency on the internet and laments that crypto is difficult to use. To trade Bitcoin, people have to use platforms like Coinbase or Binance. However, these BTC decentralized exchange platforms have limits on their use, which affects the virtual market.
Brock and Dorsey patnership
Brock adds that the TBD plan will try to create an open-sourced decentralized exchange (DEX). The businessman also said that the platform would work with smart contracts and other options that involve cryptocurrencies.
This project between Dorsey and Brock sounds promising for cryptocurrencies lovers, especially Bitcoin trading above $47000. The BTC’s decentralized Exchange will try to solve all those problems that traditional crypto wallets experience.
Jack Dorsey is not only interested in cryptocurrency platforms but also sees a future in non-fungible token trading. Since the beginning of the year, the NFT market has gained popularity and has several driving companies on its side. Dorsey could profit from the booming NFT market by selling his first tweet for almost $2.9 million.
The cryptocurrency market may be positively affected after the launch of this new exchange platform. The Twitter CEO has not said whether his new project would collectively accept other cryptocurrencies and whether it will boost NFT trading.
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