Jack Dorsey (co-founder) and CEO of Square and Twitter (NYSE :), was released Paper in white Friday detailing plans for Square’s decentralized (BTC) exchange tbDEX. Contrary to most Exchanges decentralizedThe trustless models, or DEXs of tbDEX, will not be used and tbDEX won’t have its own governance token. It is instead a messaging protocol that facilitates trust relations without the need for access control from federations.

Also, the tbDEX intends to have many features which make it less centralized than DEXs in the best sense. To comply with applicable regulations based on the user’s location, background knowledge-your-customer (or KYC) checks must be passed by all participants. Only then can users connect their wallets with the exchange. You can swap your coins one with the other.