TBD Launches tbDEX: Revolutionising Global Payments with Yellow Card
In a groundbreaking move, TBD, a subsidiary of Block, has launched the tbDEX open-source liquidity and trust protocol, transforming global payments and commerce. This revolutionary technology has found its first partner in Yellow Card, Africa’s premier cryptocurrency exchange.
The world of finance is evolving, and TBD is at the forefront of this transformation with the launch of tbDEX, a cutting-edge open-source protocol. This innovation, designed to bridge traditional financial systems with the burgeoning world of cryptocurrencies, has been unveiled to the public. Yellow Card, Africa’s leading cryptocurrency exchange, is already embracing the future by integrating tbDEX into its operations.
tbDEX represents a significant leap forward in financial technology, offering an open-source liquidity and trust protocol that enables seamless value exchange and transactions across the globe. This protocol’s core strength is facilitating trust-based transactions among financial institutions and individuals without intermediaries.
“tbDEX bridges the gap between the old and the new – enabling anyone to benefit from decentralised payment systems and digital assets, with easy on- and off-ramps to legacy payment systems and fiat currencies,” says Emily Chiu, COO of TBD.
In a world where 1.7 billion adults lack access to the traditional banking system, tbDEX is set to revolutionise how we transact and access financial services. The protocol aims to create an open, decentralised monetary system that allows people and institutions to exchange value globally, more inclusively, and at significantly lower costs than traditional systems.
The Power of Verifiable Credentials
A crucial component of tbDEX’s trust-building mechanism is Verifiable Credentials (VCs), an open standard established by The World Wide Web Consortium (W3C). These VCs enable secure, tamper-proof, and independently verifiable digital claims, ensuring compliance with Anti-Money Laundering (AML), Countering the Financing of Terrorism (CTF), and sanctions regulations.
By pioneering VCs, TBD aims to create networks on the tbDEX protocol that regulators and financial institutions can trust implicitly.
An Ecosystem for All
Today at #ABC23, TBD unveiled a tech preview of the tbDEX open source liquidity protocol with @yellowcard_app as the first PFI on tbDEX to offer liquidity across 20 African countries! 🙌🏾
The tbDEX protocol is not limited to a select few. Any organisation sharing the vision of a decentralised and open global payments system can establish new services and join an ever-growing network of participants. This network includes:
Participating Financial Institutions (PFIs): Entities offering liquidity, including fintech companies and institutional banks. These PFIs can run nodes on the network without third-party approval, fostering competition and driving down fees.
Wallets and Applications: Wallet and app developers can leverage tbDEX to facilitate exchanges with PFIs, offering users tailored experiences.
Issuers of Verifiable Credentials (VCs): A network of credible identity issuers and verifiers, including government agencies and digital identity verification providers, will play a vital role in verifying information.
Yellow Card Leads the Way in Africa
Yellow Card’s adoption of tbDEX is a landmark moment in the evolution of African finance. The integration has unlocked Bitcoin-to-fiat off-ramps across 20 African nations, enabling users to receive Bitcoin or stablecoin payments directly in their local currencies. These funds can be withdrawn through various channels, including bank accounts, P2P payment apps, and mobile money providers.
Yellow Card’s extensive presence in Africa, spanning countries such as Kenya, Nigeria, Ghana, South Africa, and many others, positions tbDEX as a catalyst for cryptocurrency adoption and financial inclusion across the continent.
The partnership between TBD and Yellow Card has already yielded impressive results. Earlier this year, Yellow Card successfully utilised tbDEX to exchange Bitcoin for Kenyan shillings, instantly depositing them into an M-PESA account while adhering to legal and regulatory obligations.
To empower developers and expand the reach of tbDEX, TBD has launched its first set of Software Development Kits (SDKs) for Typescript and Kotlin / Java. These SDKs simplify the creation and management of identifiers, the issuance and acceptance of VCs, and engagement with the protocol.
As TBD looks to the future, plans for additional SDKs, including SWIFT and Android, are in the pipeline for 2024.
For those eager to explore tbDEX further, the whitepaper is available for download, and technical details can be found on TBD’s developer website.
A Decentralised Future
As part of Block, TBD envisions a decentralised future that restores individuals’ ownership and control over finances, data, and identity. Through tbDEX, they are creating an open-source developer platform and infrastructure that empowers everyone to access and participate in the global economy.
As a critical partner in this vision, Yellow Card is revolutionising access to cryptocurrencies and traditional financial systems across Africa.
The launch of tbDEX marks a pivotal moment in the evolution of global finance. It’s about innovation, empowerment, inclusion, and a new era of financial possibilities. With tbDEX leading the way, the future of finance is brighter than ever.
