TBD Unveils tbDEX Protocol for Trust-Based Transactions
Key Points:
- TBD, a branch of Block specializing in decentralized technology, has launched its open source protocol, tbDEX.
- Yellow Card, Africa’s leading cryptocurrency exchange, has become the first to adopt the tbDEX protocol.
- tbDEX aims to bridge traditional financial systems with decentralized payment systems, allowing for trust-based transactions without intermediaries.
- Yellow Card’s integration with tbDEX enables Bitcoin-to-fiat off-ramps in 20 African nations, providing users with the ability to receive Bitcoin payments in their local currencies.
- The partnership between TBD and Yellow Card has already demonstrated the potential of tbDEX with successful Bitcoin-to-Kenyan shilling exchanges.
TBD, a branch of Block specializing in decentralized technology, has announced the launch of its open source protocol, tbDEX, which aims to bridge traditional financial systems with the burgeoning world of Bitcoin and other cryptocurrencies. This protocol facilitates trust-based transactions without the need for intermediaries, opening up new possibilities for seamless value exchange and transactions among individuals and institutions globally.
The groundbreaking protocol has already seen its first adoption by Yellow Card, Africa’s leading cryptocurrency exchange. This integration signifies a major shift for the continent, as it unlocks Bitcoin-to-fiat off-ramps across 20 African nations. Users in these countries will now have the ability to receive Bitcoin or stablecoin payments directly in their local currencies, which can be withdrawn through bank accounts, P2P payment apps, or mobile money providers.
Emily Chiu, COO of TBD, emphasized the importance of tbDEX in bridging the gap between established financial tools and decentralized financial systems. She stated, “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.”
Mike Brock, CEO of TBD, further highlighted the significance of tbDEX by stating, “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. 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 transactions. 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 extensive reach spans across 20 African countries, including Botswana, Nigeria, South Africa, Tanzania, and Uganda, among others. The integration of tbDEX by Yellow Card offers unprecedented access to Bitcoin, cryptocurrencies, and traditional financial networks across the continent, empowering users to participate in the global financial ecosystem with ease and convenience.
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.
Our Hot Take
The launch of tbDEX by TBD presents a promising breakthrough in bridging the gap between traditional financial systems and the decentralized world of cryptocurrencies. By offering a trust-based protocol for transactions without intermediaries, tbDEX has the potential to revolutionize the way people exchange assets, reducing fraud and making transactions easier and cheaper. The alliance between TBD and Yellow Card, with the successful integration of tbDEX for Bitcoin-to-fiat off-ramps across Africa, marks a significant step towards financial inclusion and accessibility on the continent. Africa has long been seen as a promising frontier for cryptocurrency adoption, and tbDEX’s integration with Yellow Card could pave the way for further advancements in the region’s digital economy.
