Yellow Card, the biggest cryptocurrency exchange in Africa, has already used the protocol for the first time.
TBD, a division of Block that specializes in decentralized technologies, presented tbDEX, an open source protocol, as a step toward connecting conventional financial institutions with the rapidly expanding Bitcoin community. The protocol, created to promote trust and liquidity in a variety of financial contexts, was initially used by Yellow Card, the top cryptocurrency exchange in Africa.
tbDEX is an open source trust and liquidity protocol that makes value exchange and transactions between people and organizations easier wherever in the world. Its primary innovation is that it allows financial institutions to carry out trust-based, verifiable transactions without the need for middlemen.
In addition to new, decentralized payment systems, currencies, and digital assets, the modern world also includes historical payment systems and government currencies. According to Emily Chiu, COO of TBD, “tbDEX connects these new technologies with established systems without forcing people to give up the financial tools they use today.”
A significant change for Africa is signaled by Yellow Card’s connection with tbDEX, which opens up Bitcoin-to-fiat off-ramps in 20 African countries. Through bank accounts, peer-to-peer payment apps, or mobile money providers, users in these nations will be able to withdraw Bitcoin or stablecoin payments straight into their native currency.
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Fundamentally, tbDEX adds a degree of confidence to asset exchanges. According to Mike Brock, CEO of TBD, “there isn’t a standardized method on the internet for making safe transactions between fiat currencies, bitcoin, stablecoins, or any other digital asset, without the need for an intermediary.” “Reducing fraud and misdirected payments in a fairer manner can solve this issue without the need for a third-party authority, making transactions easier and more affordable for all parties involved.”
Real-time proof of tbDEX’s capabilities has already been provided by the collaboration between TBD and Yellow Card. Yellow Card successfully exchanged Bitcoin for Kenyan shillings earlier this year through tbDEX, instantaneously transferring the funds into an M-PESA account and adhering to all legal and regulatory requirements.
Botswana, Cameroon, Democratic Republic of the 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 are among the 20 African nations where Yellow Card provides services. Unprecedented access to Bitcoin, cryptocurrencies, and conventional financial networks throughout the continent is provided via Yellow Card’s integration of tbDEX.
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