Jack Dorsey, CEO and co-founder of payment service provider Square and Twitter, published a whitepaper last Friday outlining Square’s plans for a decentralised crypto exchange called tbDEX.

According to the paper, tbDEX, which is designed to trade bitcoin (BTC), has several features that make it less of a classic decentralised crypto exchange (DEX) in order to eliminate the weaknesses of this type of trading platform and retain the strengths. For example, all users must undergo basic verification to ensure that all legal information collection (KYC) obligations are met. Only then can users connect their wallets to the crypto exchange and start trading.