Block’s decentralized Bitcoin protocol tbDEX launches in Africa
In a move to connect traditional financial systems with the burgeoning world of Bitcoin, Block’s decentralized technology branch, TBD, has unveiled its open-source protocol, tbDEX. According to a press release sent to Bitcoin Magazine, the protocol, designed to foster trust and liquidity across diverse financial environments, was first adopted by Yellow Card, Africa’s leading cryptocurrency exchange.
tbDEX provides an open-source liquidity and trust protocol that facilitates seamless exchange and trading of value between individuals and institutions globally. The core innovation lies in enabling financial institutions to conduct verifiable, trust-based transactions without intermediaries.
“The world today has both traditional payment systems and government currencies, as well as new decentralized payment systems, currencies and digital assets. tbDEX connects these new technologies with existing systems without giving up the financial tools people use today,” said Emily Chiu, COO of TBD.
The integration of Yellow Card and tbDEX signals a sea change for Africa, opening the on-ramp from Bitcoin to fiat across 20 African countries. Users in these countries can receive Bitcoin or stablecoin payments directly in their local currency, which can be withdrawn through bank accounts, peer-to-peer payment apps, or mobile money providers.
“The core of tbDEX is to provide a layer of trust for asset exchange. There is no standardized way on the Internet to conduct trusted transactions between fiat currencies, Bitcoin, stablecoins, or any digital asset without the involvement of an intermediary,” said Mike Brock, CEO of TBD. “Tackling this problem without third-party authority will help reduce fraud and incorrect 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 leveraged tbDEX to exchange Bitcoin for Kenyan shillings and deposit them instantly into M-PESA accounts, while complying with legal and regulatory obligations.
Yellow Card’s services are available in Botswana, Cameroon, Democratic Republic of Congo, Côte d’Ivoire, Gabon, Ghana, Kenya, Malawi, Nigeria, Republic of Congo, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia, Togo, Mali, Benin Republic, Burkina Faso. Yellow Card’s tbDEX integration provides unprecedented access to Bitcoin, cryptocurrencies and traditional financial networks across the continent.
Those interested in learning more about tbDEX can download the white paper, and technical details can be found on the TBD developer website.
