The Square exchange to fight against financial inequalities

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U.S. digital payment firm Square has launched plans for a decentralized bitcoin exchange, tbDEX, according to an 18-page white paper from the company.

The paper states that tbDEX is a protocol for discovering liquidity and trading assets (such as bitcoin, fiat currency, or real-world goods) when the existence of social trust is an unsolvable part of the business. transaction risk management.

It then describes how tbDEX will be able to create the infrastructure of a network of access and exit ramps to establish connections between fiat and cryptographic systems.

This will allow crypto assets and decentralized financial services to become more accessible to everyone.

In the white paper, Square postulates that the financial system is at a crossroads, where new types of decentralized networks can enable a world of commerce without financial intermediaries.

The report says the tbDEX innovation aims to tackle the fact that 1.7 billion adults worldwide do not have access to a banking system, and that instead these people could benefit from access mobile financial services.

TbDEX was created to help achieve more inclusion, and the white paper says how bitcoin and other cryptos have developed is still beyond the reach of many, even though a centralized exchange requires many transfers of money. ‘assets, transaction costs and other aspects of control.

Thus, tbDEX claims to be able to facilitate access to various forms of currencies, with secure exchange and regulatory compliance.

Square also recently rolled out an app that allows online sellers to take high-quality product photos from a mobile device, syncing them to a Square item catalog or online store. The idea came from the fact that retail traders reported that 94% of their first orders came with product images.

Read more: Square New Photo App links images to merchant store, catalog

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NEW PYMNTS DATA: 2021 HOLIDAY SHOPPING PERSPECTIVES

By the way: It’s almost time for the holiday shopping season, and nearly 90% of U.S. consumers plan to do at least some of their purchases online, 13% more than in 2020. The 2021 Holiday Shopping Outlook, PYMNTS surveyed over 3,600 consumers to find out what drives online sales this holiday season and the impact of product availability and personalized rewards on merchant preferences.

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