Jack Dorsey-led digital payments giant Square is working out ways to enable people to trade Bitcoin (BTC) on a special type of decentralized exchange. Square has recently put out a comprehensive white paper elaborating a new protocol.
Open to community contributions, the white paper has been published in Github by Square’s newly formed division – TBD. The decentralized protocol, namely tbDEX is aimed at facilitating the exchange of assets like fiat money, Bitcoin, etc.
According to the claims of the highly technical white paper, tbDEX protocol enables the discovery of liquidity and offers a framework for building trust with the utilization of decentralized identities.
Overview Of Payments Giant Square
Founded in 2009, Square is based in San Francisco and has expanded its presence in countries like Canada, Japan, and Australia. The American financial services company empowers sellers with advanced POS solutions and helps businesses worldwide make informed decisions.
Having contributed greatly to the digital payment revolution, Square, long ago made it easier for consumers to pay for services and goods from their bank accounts. The emergence of tbDEX will take the crypto world by storm as it will enable users to send cash directly from self-owned crypto wallets.
It is guaranteed that the tbDEX protocol will pave the way for an easily accessible exchange mechanism. This will allow the average individual to reap the benefits of crypto innovation in the best way possible.
We need to wait and see what these developments will mean for the crypto industry in the future.