2023-12-2 21:05 |
In a move toward bridging traditional financial systems with the burgeoning world of Bitcoin, TBD, a branch of Block specializing in decentralized technology, unveiled its open source protocol, tbDEX. The protocol, designed to foster trust and liquidity across diverse financial landscapes, has seen its first adoption by Yellow Card, Africa's leading cryptocurrency exchange, according to a press release sent to Bitcoin Magazine.
tbDEX offers an open source liquidity and trust protocol facilitating seamless value exchange and transactions among individuals and institutions globally. Its core innovation lies in enabling financial institutions to conduct verifiable, trust-based transactions without intermediaries.
“The world today has both legacy payment systems and government currencies – as well as new, decentralized payment systems, currencies, and digital assets. tbDEX bridges these new technologies with established systems without requiring people to abandon the financial tools they use today,” said Emily Chiu, COO of TBD.
Yellow Card's integration with tbDEX heralds a big shift for Africa, unlocking Bitcoin-to-fiat off-ramps across 20 African nations. Users in these countries will have the ability to receive Bitcoin or stablecoin payments directly in their local currencies, withdrawable through bank accounts, P2P payment apps, or mobile money providers.
“At its core, tbDEX brings a layer of trust to exchanging assets. The internet is missing a standardized way to make trusted transactions between fiat currencies, bitcoin, stablecoins, or any digital asset, without the involvement of an intermediary,” stated Mike Brock, CEO of TBD. “Solving this problem without a third-party authority can reduce fraud and misrouted payments in a fairer way, which makes transacting easier and cheaper for everyone.”
The partnership between TBD and Yellow Card has already demonstrated the potential of tbDEX in real-time. Earlier this year, Yellow Card successfully utilized tbDEX to exchange Bitcoin for Kenyan shillings, instantly depositing them into an M-PESA account, while ensuring compliance with legal and regulatory obligations.
Yellow Card's services span across 20 African countries: Botswana, Cameroon, DR Congo, Cote d’Ivoire, Gabon, Ghana, Kenya, Malawi, Nigeria, Republic of Congo, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia, Togo, Mali, the Republic of Benin, and Burkina Faso. The integration of tbDEX by Yellow Card offers unprecedented access to Bitcoin, cryptocurrencies, and traditional financial networks across the continent.
For those interested in learning more about tbDEX, the whitepaper is available for download, and technical details can be explored on TBD's developer website.
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