Payments giant Square is detailing its plans to release a new decentralized protocol for exchanging Bitcoin (BTC) and other crypto assets.
Square’s new TBD division recently released a whitepaper outlining their plans to create tbDEX, an easily-accessible crypto exchange that aims to bridge users from fiat currencies to digital assets.
“The vast majority of people receive wages and pay for goods and services in fiat currency. They must pay taxes in fiat currency. So how do we unleash the potential of Bitcoin and decentralized financial infrastructure, when most of us still live in a world of fiat? To do so, we need to build bridges between the fiat and cryptocurrency worlds…
The tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”
The tbDEX whitepaper says the protocol will not have a governance token or an organization to control the network.
“We propose a solution that does not rely on a federation to control permission or access to the network; nor does it dictate the level of trust required between counterparties. There is no governance token.
Instead, the tbDEX protocol allows participants to negotiate trust directly with each other – or mutually and voluntarily rely on trusted third-parties to vouch for the counterparty.”
Square CEO Jack Dorsey first announced the San Francisco-based company was going to launch a decentralized BTC exchange back in August.
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