In an attempt to bridge traditional financial systems and the burgeoning world of bitcoin, TBD, a branch of Block specialized in decentralized technology, presented its open source protocol, tbDEX. The protocol, designed to foster trust and liquidity across diverse financial landscapes, has been first adopted by Yellow Card, Africa's leading cryptocurrency exchange, according to a press release sent to bitcoin Magazine.
tbDEX offers an open source trust and liquidity protocol that facilitates seamless value exchange and transactions between individuals and institutions globally. Its main innovation lies in allowing financial institutions to carry out verifiable and trust-based transactions without intermediaries.
“Today's world has legacy payment systems and government currencies, as well as new, decentralized payment systems, currencies and digital assets. tbDEX unites 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 in 20 African nations. Users in these countries will have the ability to receive payments in bitcoin or stablecoins directly in their local currencies, withdrawable through bank accounts, P2P payment apps or mobile money providers.
“In essence, tbDEX brings a layer of trust to the exchange of assets. “The Internet lacks a standardized way to make reliable transactions between fiat currencies, bitcoins, stablecoins or any digital asset, without the involvement of a middleman,” said Mike Brock, CEO of TBD. “Solving this issue without third-party authority can reduce fraud and misdirected payments in a fairer way, making transactions 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 used 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 services span 20 African countries: Botswana, Cameroon, Democratic Republic of the Congo, Ivory Coast, Gabon, Ghana, Kenya, Malawi, Nigeria, Republic of the Congo, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia, Togo . Mali, the Republic of Benin and Burkina Faso. The integration of tbDEX through Yellow Card offers unprecedented access to bitcoin, cryptocurrencies and traditional financial networks across the continent.
For those interested in learning more about tbDEX, the White paper It is available for download and technical details can be explored in TBD Developer website.
