The DEX aims to open the Decentralized Finance (DeFi) world to an average fiat user.
The TBD project of Jack Dorsey’s Square released the whitepaper of its Decentralized Exchange (DEX) called tbDEX, on Saturday (in India).
The white paper claims tbDEX is a “protocol for discovering liquidity and exchanging assets (such as bitcoin, fiat money, or real-world goods)” while keeping the identity anonymous.
tbDEX will not have a governance token because it does not rely on a federation to control access to the network.
The vision of this DEX is to enable people to exchange value globally. It is working to solve the complexities of Decentralized Finance (DeFi) so that an average person can directly access on-ramps and off-ramps into and out of the decentralized financial system.
Therefore, the need for Centralized Exchanges (CEX) is eliminated.
Jack Dorsey is a big admirer of Bitcoin and the DeFi revolution it kicked off. More tech behemoths are also following him. Mark Zuckerburg too announced his vision of turning his social media empire into a Metaverse company. Even investment banks who remained wary of the space before are joining the bandwagon.
News recommendation: RBI Sees Massive Risks in Crypto
Cover Photo Source: Flikr