- Square released the whitepaper of its forthcoming tbDEX platform.
- tbDEX will be a decentralized cryptocurrency exchange (DEX).
- Square is a fintech company led by Twitter CEO Jack Dorsey.
Financial services platform Square recently announced its soon-coming decentralized cryptocurrency exchange tbDEX. Jack Dorsey, Twitter and Square CEO, wrote a tweet about the announcement.
As part of its platform reveal, tbDEX published a whitepaper. According to the document, tbDEX will have the defining functions of a decentralized exchange. Also, the platform will use decentralized identity (DID) and verifiable credentials (VCs).
As per the whitepaper, tbDEX will enable users to exchange cryptocurrencies like Bitcoin into fiat money or real world goods.
However, others pointed out that tbDEX has the makings of a centralized exchange since it does not use a trustless model as we know it. Users will need to undergo Know-Your-Customer (KYC) requirements for users in certain jurisdictions. Nevertheless, many consider this a bare minimum for the platform to comply with regulators, if necessary, to prevent crime.
In another news, the crypto market is starting to recover after a bloody dip. From $56,000, Bitcoin is now back to $58,844.58 at the time of writing, according to CoinGecko. Meanwhile, Ethereum price is now at $4,333.73.