In an effort to bring traditional financial systems closer to the burgeoning world of Bitcoin, a branch of Block specializing in decentralized technologies, has unveiled its open source protocol, tbDEX. The protocol, designed to foster trust and liquidity across diverse financial landscapes, was first adopted 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 the exchange of value and transparent transactions between individuals and institutions around the world. Its main innovation lies in enabling financial institutions to carry out verifiable and trust-based transactions, without intermediaries.
“Today’s world has both existing payment systems and government currencies, as well as new decentralized payment systems, currencies and digital assets. tbDEX connects these new technologies to established systems without forcing people to abandon the financial tools they use today,” said Emily Chiu, COO of TBD.
The integration of Yellow Card with tbDEX heralds a big change for Africa, opening Bitcoin to Fiat exit routes in 20 African countries. Users in these countries will have the option to receive Bitcoin or Stablecoin payments directly in their local currency, withdrawable via bank accounts, P2P payment apps or mobile money providers.
“At its core, tbDEX brings a layer of trust to asset exchange. The Internet lacks a standardized way to reliably transact between fiat currencies, bitcoin, stablecoins, or any other digital asset, without the involvement of an intermediary,” said Mike Brock, CEO of TBD. “Resolving this problem without relying on a third-party authority can reduce fraud and misdirected payments in a fairer way, making transactions easier and less costly 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 cover 20 African countries: Botswana, Cameroon, DR Congo, Ivory Coast, Gabon, Ghana, Kenya, Malawi, Nigeria, Republic of Congo, Rwanda, Senegal, South Africa, Tanzania, Uganda, Zambia, Togo, Mali, Republic of Benin and Burkina Faso. Yellow Card’s integration of tbDEX provides unprecedented access to Bitcoin, cryptocurrencies and traditional financial networks across the continent.