Jack Dorsey’s Square has gotten a step closer to starting a decentralized exchange dedicated to bitcoin, a move that will set Square apart from other payments companies such as PayPal and Stripe—and could mark the first time a major company outside crypto delves into decentralized finance.
On Friday, Dorsey tweeted details about Square’s decentralized financial services division, saying that the new business will work on building “an open platform to create a decentralized exchange” dedicated to bitcoin. A decentralized exchange, or DEX, relies on blockchain technology and allows for peer-to-peer crypto trading by using automated contracts.
