Jack Dorsey’s decentralized Bitcoin exchange tbDEX announced: Here’s everything you should know

US Payment giant Square today released the whitepaper of its decentralized Bitcoin exchange proposal— tbDEX. This project was first announced by Square and Twitter CEO Jack Dorsey in August.

The project aims to make Bitcoin the native currency for the Internet. “In order to achieve this, the nature of financial institutions needs to evolve. We can either embrace this change — by investing in this future as a public good by rethinking our business models and ways to create value — or we can let this future happen to us,” the company wrote in a blog post.

Explaining the project, the company notes that “people receive wages and pay for goods and services in fiat currency.