Using GitHub as their medium, payments titan Square recently published a white paper about a new decentralized tool for trading assets. Now referred to as tbDEX, the platform will use verifiable credentials and decentralized identity to establish trust. In the white paper, one of the team’s developers asserts that the project’s goal is to encourage an environment in which regular people reap the rewards of cryptocurrencies.
The CEO of Square, Jack Dorsey, expressed a few months ago that he was interested in building a platform for a decentralized BTC exchange. This open developer project would be propelled by TBD, which is a new department at Square that is specializing in DeFi (decentralized finance).
The person at the helm of this new project is Mark Brock. On Twitter, Brock revealed that his ultimate goal is to create a decentralized exchange that deals in regular currency. Brock believes that the best means to this end is a non-custodial wallet. Using this wallet in conjunction with BTC off-ramps, users would be able to freely exchange and transfer funds. All along the way, the Square team has indicated that they are very interested in user participation during the course of this new payments project; this is why the white paper was published on GitHub in the first place.