Jack Dorsey Is Building a Decentralized Exchange for Bitcoin

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 31 August 2021

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: NFTs have a monster month Centre's global network of stablecoins The Cuban government to recognize crypto Our main discussion:In July, Jack Dorsey, the CEO of Twitter and payments company Square, announced that Square was launching a new division focused on building decentralized infrastructure around Bitcoin. At the end of last week, we got more details about where Square is starting. The TBD division is going to kick off by building a decentralized exchange focused on bitcoin. NLW explores the reaction. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Joe Raedle/Getty Images News, modified by CoinDesk.

Transcript

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0:00.0	If your base is caring about the nature of the underlying asset, a global sound monetary system,
0:06.6	and you have problems with how Ethereum or any other Layer 1 defy chain was created or is governed,
0:12.0	that doesn't mean you wouldn't want the sort of decentralized financial rails on top of your sound money asset in general.
0:18.4	It just means that you're not willing to sacrifice the principles of
0:21.4	that asset at the center.
0:24.2	Welcome back to The Breakdown with me, NLW.
0:28.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:35.4	The Breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:41.8	What's going on, guys? It is Monday, August 30th, and today we are talking about Jack Dorsey
0:47.6	and Squares' plans for a decentralized exchange for Bitcoin. First up, however, let's do the
0:53.5	brief. First on the brief today,
0:56.2	NFTs have had an absolutely monster month. Heading into this month, the previous high of trade
1:03.0	volume for NFTs was in March, which saw $315 million. The leading venue for that was Nifty Gateway.
1:10.3	In July, however, there started a resurgence,
1:12.7	particularly around the collectible artwork sets preferred by NFT early adopters, so Cryptopunks,
1:18.7	art blocks, etc. The JPEGs, as the kids say. July didn't see new all-time highs, but came close
1:25.1	at $300 million, and this time it was led by OpenC, which also
1:29.1	announced a $100 million funding round from Andresen Horowitz. Well, August absolutely dwarfed
1:34.6	everything that had come before. With the month not even complete, NFTs have done $2.3 billion in
1:41.1	volume. Of that, a staggering percentage, $ 2.23 billion, comes from OpenC.
1:46.9	An example of the mania came this weekend in the form of the Bored Apes Yacht Club dropping a new set
1:52.9	of mutant apes. Those mutant apes made more than $90 million in an hour. And speaking of
	...

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