It’s been just revealed that Square is detailing the plans to release a new decentralized protocol for exchanging Bitcoin and more crypto assets.
According to the latest reports coming from the Daily Hodl, Square’s new TBD division recently released a whitepaper that revealed their plans to create tbDEX, an easily-accessible crypto exchange that is aiming 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 notes continue and say:
“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 also reveals that 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.”
The notes also said:
“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.”
Crypto market optimistic predictions
In other news it’s been just revealed that the popular crypto analyst Nicholas Merten is not bearish on Bitcoin (BTC) despite the crypto asset’s recent price correction.
Mertenjust said that he’s “very optimistic” on BTC’s price, even in the “relative short term.”
He also made sure to say that Bitcoin probably needs to test a lower price range before it can resume moving upwards.
“Our ideal scenario is for us to not really go down below $55,000. We would like to see it hold above that range.”
Merten said that BTC will hold out in the $56,000 range, but on the other hand, he also acknowledges the “worst-case scenario” could send the king coin barreling down to test the $50,000 resistance range.