Benzinga | Aug 28, 2021 11:18AM EDT

Here Is How Twitter CEO Jack Dorsey Plans To Expand Bitcoin Trading

Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ) CEO Jack Dorsey has announced on Twitter that Square's new division TBD plans to build a decentralized exchange focused on Bitcoin (CRYPTO: BTC).

* The new division will be a subsidiary of Square and will be focused on creating an open developer platform.

* Dorsey was responding to Mike Brock's tweet, who is the head of the TBD initiative.

* Brock tweeted, "There's been a lot of speculation about what TBD is and isn't. Over the last few weeks, our team has been determining what needs to be determined. We wanted to share our direction finally, and we have some questions."

* Brock noted that the Lightning Network (LN) solves scalability issues in payments, but a similar infrastructure is needed to trade assets on the Bitcoin network.

* In July, Jack Dorsey said the company was creating an "open-source platform" to deliver BTC-centric financial services.

* Last week, Dorsey picked cryptocurrency developer and privacy veteran Jay Graber to lead efforts to build a decentralized social media network dubbed Bluesky.

* He was recently critical of rival Ethereum (CRYPTO: ETH) and other coins on their founding principles, security, and centralization.

* Last month Dorsey pulled an Tesla Inc (NASDAQ:TSLA) CEO Elon Musk-style move as he endorsed joke cryptocurrency Hamstercoin, causing Hamster (CRYPTO: HAM) to increase its price vertiginously.