Jack Dorsey is CEO of Block, an ecosystem of companies that gives many access to payments infrastructure.
TBD was defined alongside other companies in the block ecosystem by TBD Chief Operating Officer Emily Chiu at the African Bitcoin Conference in Ghana as a project founded with a vision to harness the power of decentralized technology to provide ownership and control to give back to everyone their data, finances and identity.
Emphasizing Block’s building focus, Emily said, “We’re rewriting the internet by building an open-source infrastructure that makes it easy for developers to build the next wave of incredible applications.” She added that TBD is a team of Has pragmatists trying to solve real problems for real people.
Block is working on building a decentralized identity layer for the internet and building an open-source self-custody wallet. Additionally, Emily mentioned that part of Block’s portfolio includes lightning infrastructure in the form of a lightning service provider. “We’re thinking about all the powerful technology to connect anyone in the global economy who wants to participate,” she said.
Individuals can get in or out as they please with TBD and TBDex, the liquidity protocol that allows people to hold either bitcoin or stablecoin with a decentralized self-custody wallet. According to Emily, the on-ramp and off-ramp capabilities are part of what makes TBD’s Web5 possible, despite the complexity involved.
Bitcoin seeks to provide global access to decentralized financial systems, especially for people locked out of their traditional finances. Emily confirmed that TBD catalyzes technologies that provide basic tools needed to participate in the economy and allow developers to build.
She explained that the technologies would enable a world where one could go online with a smartphone (the majority of unbanked people have a smartphone) and download a self-custodial wallet, send and receive bitcoin, and access global commerce.
If you look across continents, almost 30% of GDP comes in the form of personal remittances, Emily pointed out. She mentioned that with Block and TBD, remittances are one of the most compelling and exciting use cases they are developing.
She announced that the firm had demonstrated the first proof of concept in Latin America using USDC and crypto as payment lanes. Also, TBD tries to replicate the proof of concept in other countries.
Drop ETH below 1k?
What do you think of this article? Share comments below.