Twitter Head Jack Dorsey, is planning to step down from the realm of affairs at the social media giant corporation. Reports reveal that Dorsey will step down as the Chief Executive Officer of Twitter, which he co-founded in 2006.
However, it remains unclear if Dorsey is stepping down to focus on his other firm Square. It has been reported that Square is working on its TBD project, which focuses on developing a decentralized BTC exchange called tbDEX.
tbDEX is Developing a Decentralized Financial Service
Dorsey first announced in July that Square was building a decentralized, non-custodial exchange that will focus on trading Bitcoin. Project lead Mike Brock disclosed that the aim of the TBD team is to make it more straightforward to fund a non-custodial wallet from anywhere across the globe.
tbDEX is Bitcoin-centered and an open source, permissionless protocol. According to Brock, the exchange would be in compliance with Anti-Money Laundering regulations. The TBD project emerged after Square announced its open-source Bitcoin hardware wallet exploration.
Jack Dorsey once identified Bitcoin as the future and a big part of Twitter, exposing the opportunities that abound in the integration of Bitcoin into the social media giant’s services. It’s no surprise that he ventured into establishing a DEX for Bitcoin.
Dorsey is a Bitcoin enthusiast and once argued that the flagship crypto will become the currency of the internet. His other firm Square is a BTC investor that has purchased over $220M in BTC between 2020 and 2021.
tbDEX Has Released its White Paper
Few weeks ago, the DEX project published a white paper, detailing plans to establish a message protocol to facilitate trust between nodes without a governance token or depending on a group of persons. The whitepaper also reveals that the tbDEX will be less decentralized than a typical DEX, with KYC protocols a necessity for every customer to checkmate illicit transactions.
Although Dorsey has frequently updated his followers about recent developments regarding the exchange project, he is yet to say anything about fully committing to the project, which might demand him to resign from his post as Twitter head again.
Jack Dorsey first served as Twitter CEO from 2006 – 2008. He assumed the position from 2015 to the present following the departure of Dick Costolo. Since the announcement, Twitter and Square stocks have risen 3%.
Reports are already circulating that Facebook’s CEO Mark Zuckerberg might step down, as his plans to develop a metaverse is underway. Facebook has revealed a name change to Meta, with the intent to focus on building a metaverse. However, the CEO has debunked all the rumors, adding that he hasn’t given ‘quitting’ as the CEO of Facebook a serious thought.