Square’s tbDEX Decentralized Bitcoin Exchange to Fight Financial Inequality

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According to an 18-page white paper published by Square, the business has announced plans for a decentralized bitcoin exchange called tbDEX.

tbDEX, according to the paper, is a protocol “for identifying stability and trading assets (such as bitcoin, fiat money, or real-world items) where social trust is an important part of regulating transaction risk.”

It goes on to explain how tbDEX will be able to provide infrastructure for a network of on- and off-ramps that will let fiat and crypto systems to connect.

This will make cryptocurrency and decentralized financial services more accessible to the general public.

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Square claims in the white paper that the financial system is at a “crossroads,” and that new types of decentralized networks can enable a society without financial middlemen.

According to the study, the tbDEX invention aims to combat the reality that 1.7 billion adults worldwide have not have access to a banking system, and that these individuals might profit from mobile financial services instead.

The white paper claims that the way bitcoin and other cryptos have evolved is “still beyond the reach” of many – going through a centralized exchange necessitates frequent asset transfers, transaction fees, and other gatekeeping characteristics.

As a result, tbDEX claims to be able to make it simpler to gain access to multiple types of money, while also ensuring regulatory compliance and a safe exchange.

Square has just released an app that allows online vendors to capture high-quality product images from their phones and sync them with a Square item catalogue or online store. The concept was inspired by the fact that 94 percent of retail retailers’ first orders included product photos.

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